Today Facebook shed nearly $40 billion.
I figured it was a good time to do a ‘Momentum Monday’ with Ivanhoff to riff on what it could mean for the markets, momentum and tech in general (15 minutes long and 1 minute of small talk before we dive into charts):
I do not own Facebook and it’s not even on my 8 to 80 list. I like Instagram and appreciate Whatsapp but have never been a core Facebook user.
Facebook has never been NOT EVIL. We have always been the product. They are a digital Equifax/Equifax so nothing about them and our data would surprise me. They might want to change their name to ‘Foot-in-Mouthbook’.
I think the take of the day is that Facebook will not be in the race to $1 trillion or may never get there, despite dominating the globe:
I don’t think anything Facebook does hurts Amazon or Apple in their race to $1 trillion. These Amazon numbers are really insane.
The Facebook press nightmare is also relatively good for Twitter – which is a mean neighborhood to hang out in but knows much less about you. The politicians love Twitter because it’s the easiest place for ‘thoughts, prayers and lies’.
I think this is a really big day for Blockchain and decentralization, but in a bear market for crypto you will not get rewarded as quickly as last year.
As for the rest of technology and the markets… just tune into the show and listen or watch.
PS – For Facebook bulls…Equifax crashed 30 percent after their big data breach and they have recovered 50 percent of the crash in the last 6 months. Equifax did this without having an addictive product.
PSS – I like BOX CEO Aaron Levie take on the Facebook fiasco:
We’re in the very early stages of a major shift in software. As more of the world goes digital, the responsibility of tech companies grows exponentially. The days of arguing that (and acting like) tech companies are merely platforms and pipes are behind us.
PSSS – Ben Thompson has a great take on the Facebook fiasco.