Facebook Loses Over $120B on the Market Per Comparison to Crypto
As one of the worst days of all time for shareholders of Facebook, the 26th of July will be marked as the day where Facebook lost a massive $120 billion on the market, earning its spot as the biggest loss for a company within the United States in just 24 hours.
As reports have stated, Facebook's terrible loss is due to the company’s 2Q report published and revealing its expansion and growth statistics that failed to exceed predictions by speculators and analysts and the company’s recent controversial private data incident. As if things could not get any worse for Facebook, supporters of cryptocurrencies darkened the day even more.
Reports state that the whole total loss of Facebook’s billions began when the value of Bitcoin and Facebook were put side by side to compare. Given the notorious volatility behind Bitcoin, several advocates stood against the comparison given the long-standing criticism and controversy surrounding the unpredictable currency as per the traditional industry and marketplace.
Facebook’s weak performing stock prices have been compared to how cryptocurrencies are volatile in their respective markets. Romain Dillet also commented and voiced his opinion regarding Bitcoin as a stable currency. Previously, Chief Executive Officer of Facebook, Mark Zuckerberg was involved in a heated feud with bitcoin billionaires, the Winklevoss brothers and many have credited both brothers and are currently among the most established and well-known investors within the crypto-sphere.
Both brothers also oversaw the founding of their company called Gemini and headquartered in New York as a digital currency exchange platform. One commenter mentioned Facebook’s superior losses on the market as revenge for prior controversy. Recently, both BTC billionaire brothers also saw misfortunate the Securities and Exchange Commission shut down the ETF listing. Despite that, many remained skeptical regarding the Facebook reports in terms of compared prices with Bitcoin.
Many social media users, mainly on Twitter, have said that combining Facebook and digital currencies serves no purpose.