Facebook valuation drops $230bn in a single day…

Not sure what your day was like yesterday but I imagine it was better than Mark Zuckerberg’s who managed to lose $29bn of his personal fortune overnight.

Facebook has been reeling in recent years from opponents who claim it is helping to undermine democracy, aid genocide and encourage mental health problems.

The markets are not known for their morality, instead, the 25% drop in the share price was attributed to slowing user growth and a decline in its ad revenue. Last year Apple blocked Facebook tracking of iPhone users and this has had a dramatic effect on Facebooks ability to target ads. Young people have also been abandoning Facebook in favour of newer platforms like Tiktok.

Still, Facebook managed to still make $40 billion in profits last year so they are still a force to be reckoned with.

Personally, I have grown bored with Facebook and I mainly use it now for its group’s feature. I would be surprised if Apple was not working on a less creepy version of a social network, the market is ripe for new entrants.

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