03/02 – First Facebook, then PayPal
- Shares in Meta Platforms, the owner of Facebook, fell sharply last night after the company warned of an advertising slowdown in the real world as it invests heavily in the virtual. It lost $200billion – a world record.
- The technology group revealed an unexpectedly steep decline in quarterly earnings and cautioned that users are spending less time in the most profitable corners of its social networks.
- In reality, Facebook saw less users on its platform for the first time – with TikTok taking its place as the social media platform of choice the world over.
- In the meantime, PayPal shares are down 26% as of Wednesday afternoon (2nd Feb 2022).