Facebook scraped some $58 billion off its valuation in a week, but that might not even be the worst of it. As we’ve told you, a few days ago Mr Brian Acton, the co-founder of Whatsapp (which was bought by Facebook for $22 billion back in 2014) decided to launch a movement called #DeleteFacebook, calling time on the most popular of all social media platforms.
Since then, newspapers all around the world have been busily explaining to their readers how well Mr Zuckerberg has hidden his ‘delete’ button and that it would take at least 60 days before you could really quit. Furthermore, many claims that there is just no other place to go, so they don’t think it will pick up steam.
Related coverage: https://thegoldwater.com/news/21112-WhatsApp-Co-Founder-Urges-DeleteFacebook
That is not including Tesla and SpaceX founder Mr Elon Musk who announced via a barrage of tweets to Mr Acton that he would do just that and then deleted all his company pages on Facebook whilst announcing that none of his firms ever bought advertising from Mr Zuckerberg.
<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">It is time. <a href="https://twitter.com/hashtag/deletefacebook?src=hash&ref_src=twsrc%5Etfw">#deletefacebook</a></p>— Brian Acton (@brianacton) <a href="https://twitter.com/brianacton/status/976231995846963201?ref_src=twsrc%5Etfw">March 20, 2018</a></blockquote>
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Shares in the social media company meanwhile fell from $176.80 on Monday to around $159.30 by Friday night, leaving many to wonder whether it will drag the other media giants with it downwards.
<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">Elon Musk says he'll delete SpaceX's Facebook page after Cambridge Analytica leak <a href="https://t.co/ww9ZOZRTZ7">https://t.co/ww9ZOZRTZ7</a> <a href="https://t.co/kFo3QXDo0Y">pic.twitter.com/kFo3QXDo0Y</a></p>— The Hill (@thehill) <a href="https://twitter.com/thehill/status/977361619939397633?ref_src=twsrc%5Etfw">March 24, 2018</a></blockquote>
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Senior financial analyst Mr Laith Khalaf admits this week had been a "damaging episode" in Facebook's history, and he expects many banks to adjust their price targets accordingly.
Related coverage: http://thegoldwater.com/news/21339-Facebook-Scandal-Broadens-As-UK-Police-Raid-Cambridge-Analytica-Offices
"One of the secrets of Facebook's success has been that the more people who use Facebook, the more integral it becomes to its customers.”
“Unfortunately for Facebook, the same dynamic cuts in the opposite direction if it loses a meaningful number of users as a result of this scandal. "
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