Yes I know one is for over the last twelve months, the other for the last three, but neither paint a pretty picture. I have a feeling that the Cambridge Analytica scandal is just the tip of a very big problem-berg. Over the next few months I can see a larger loss en-route, as in shit, fan, incoming! Perhaps a complete collapse. Who knows? It’s like watching a run on a poorly funded bank.
While this is all very entertaining in the median term, it may blow over, it may not. Facebook may survive, but it is what I’d describe as a ‘Castle in the Air’ stock. Looks pretty, but has no real fiscal security, as like one of the fairy fortresses, the only thing that keeps Facebook going is the power of belief.
Elon Musk (To name but one) has pulled his companies out of Facebook and there’s a class action in the offing. As far as some of the other tech giants go, Alphabet, parent company of YouTube and Google is also suffering with a less drastic 4% fall after accusations of bias, which they strenuously deny, but a number of their users who have had their content demonetised and even deleted aren’t convinced. Amazon may be worth a punt though, as their share value has taken a hit. But they actually sell real things, so I’d view them as a fairly safe bet and treat the current downturn as a buying opportunity for their stock.
Facebook on the other hand, what do they have to sell, apart from their users data? Twitter likewise. Which begs another question. Where will all the Twatter outrage mobs go if the platform collapses? Will they suddenly find themselves suffering a form of electronic social death? Mmm. Couldn’t happen to a nastier bunch of people.
Talking of social death, the institutional antisemitism endemic within the UK Labour party has surfaced once again. This is no surprise to me, as every extreme left winger I’ve ever met has been a racist anti-Semite. Never understood it myself. I think the only half way sane reason must be that extreme left (and right) wingers are avidly pro big government and the Zionists are big on family. The family (A very human, grass roots institution) and big government (Big state, top down driven) are philosophically opposed. The big government people see the family as the biggest obstacle to their authoritarian utopian fantasies, so to their mind anyone who has a strong family as the basis of of their culture must be undermined and if need be, eliminated.
Well it makes sense to me.