2012 - after great promotion by scavengers, rapture capitalists, and Wall Street goons intent on removing even more money from Joe Six Pack's wallet, FaceBook goes public (after allowing a cherished, special few to buy in at a discount). The company's promoted (ahem) value is $104,000,000,000. For a company that produces nothing.
2012 - after a luster lacking opening, the hoped for scam, ignited, exploding, blossoming demand for shares of stock in a company that produces nothing, the Wall Street scoundrels intent on robbing you blind are forced to throw in billions more in order to maintain even the initial price offering.
2012 - The first business day AFTER a horrible IPO, shares of Facebook fail, falling as much as 18% in value, before Wall Street vultures try to protect their initial investments by buying hundreds of thousands, even millions of shares. Even so, the stock price crashes to 12% BELOW its listed (ahem) value.
From the Church of Ineffable Stupidity:
All of a sudden, a company valued at a bullshit $104,000,000,000, while producing nothing, suddenly is worth only $91,520,000,000, while still producing nothing.
Not only does this bullshit valuation threaten the profits of some scavengers, thieves, and Wall Street bandits, their reputations are circling fast, clockwise, as though someone flushed a giant toilet bowl.
Here's the problem with Failbook's future:
a. They have no real income stream.
GM just pulled a LARGE amount of revenue stream, deeming it useless to advertise on FailBook. Others are following suit.
b. Their ability to sell information and data (the only real assets that FB has) has been hamstrung by objections of users. Some of us, even with 4,328 BFFs, like our privacy, and strongly object to FailBook profiting on MY data.
c. The younger users no longer find photos of cats (or my drawings, for that matter) interesting, not when gramps, gramma, and mom and dad are using the same system. In fact, because ma and pa are on it, that is the BEST reason to go elsewhere.
As a current tool, it is just ok. As a future part of the younger folks' eLife, blah.
Just to prove the point, here is a quick sketch I did last night, whimsical, fun,
Or a bar scene.