In one day, the market cap of Meta, or formerly Facebook, went from $879 billion to $669 billion — or, rounding up, nearly $230 billion into limbo. Since we are at the height of one of the most powerful and visionary companies (is it?) in the world, the fall represented the biggest drop in the history of the American stock market – this ahead of Apple, in 2020, when it lost US$ 180 billion. One of the worst days, if not the worst, of Mark Zuckerberg’s life. The reasons would be a change by Apple from its privacy protocols and new EU regulations, which will make Meta have less advertising reach. The shot would open a $10 billion hole in revenue in 2022 alone. Another obstacle would be the advancement of TikTok and its short videos, which Meta is unable to “imitate”. “We are experiencing an unprecedented level of competition,” said Mark Zuckerberg. Side effect: Eduardo Saverin, one of the co-founders of Facebook, lost the post of the richest Brazilian in the world, with a fortune going to US$ 14.5 billion, behind Jorge Paulo Lemann, with US$ 16 billion.
(Note published in issue 1260 of Revista Dinheiro)
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