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Josh Sigurdson talks with author and economic analyst John Sneisen about the massive stock wipeout Facebook saw on Thursday the 26th of July.
The stock crash Facebook saw in one day was the worst stock crash in American history! Shares tumbled 19%. The company lost $119.4 BILLION in one day!
Facebook's Chief Executive Mark Zuckerberg lost $16 billion of his own money as well!
No one's surprised by the direction Facebook is heading in. As Facebook restricts individuals from sharing certain news with people, as they bring in Snopes to manage their news, as they block people from seeing business pages, telling people that they know you would prefer seeing posts from family as if they know what's best for us, it's a no brainer that Facebook is heading down fast.
Zuckerberg even said earlier this year that he understands Facebook will lose money as Facebook largely only shows posts from families and not news sites, but that it's "good for the public's psychology." How virtuous...
Facebook saw a rather large stock wipe out in March after the Cambridge Analytica scandal, but was soon after rejuvenated.
Still, Facebook is slowly but surely going the way of MySpace. It is incredibly overvalued alongside sites like Twitter as we see a tech bubble become completely unstable, up over 600% since 2008.
Will we see Facebook fall from grace SOON? Well, it's not likely the end of Facebook yet, they probably have quite a few years ahead of them but they are getting more and more authoritative with their customers. They've gotten billions in subsidies from the government over the years and people are naturally as always decentralizing.
Where are people going? Well there are lots of alternatives to Facebook. A great example is Steemit and DTube. These are incredible, largely decentralized websites where people can actually make money on the blockchain by posting. They cannot be censored. They can be downvoted, but their posts cannot be deleted. It's far more about the demand of the individual on the free market.
Humanity always decentralizes whether they know it or not because people do not like to be told what to do or told what they like and dislike. People do not like to be lead and manipulated. The decentralized blockchain alternatives stand to be great ways to separate ourselves from the incredibly demanding, watchful eye of the state through an apparatus like Facebook.
Stay tuned as we continue to follow this issue!
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