according to For months, Facebook and Twitter investors shrugged off concerns about election meddling, regulatory scrutiny and an industry-wide privacy awakening. Facebook (FB)'s stock soared to all-time highs despite the onslaught of bad press that followed the Cambridge Analytica data scandal. Shares of Facebook and Twitter plunged 20% or more within hours of the two companies posting earnings results. "Twitter and Facebook have had to change their business models to some extent," Daniel Ives, an analyst with GBH Insights, told CNNMoney. Facebook now has 2.23 billion monthly users while Twitter has 335 million.
collected by :Roy Mark
Social Media ETF tumbles as Twitter follows Facebook with disappointing results
Market PulseSocial Media ETF tumbles as Twitter follows Facebook with disappointing resultsThe largest exchange-traded fund to track social-media companies tumbled on Friday, dragged lower for a second straight session by a precipitous drop in Twitter shares, which tanked following disappointing quarterly results. The Global X Social Media ETF SOCL-4.14% lost 4.5%, building on a 3.5% drop that came on Thursday. Twitter TWTR-20.54% plunged 19% after giving a third-quarter outlook that was below forecasts. The disappointing results followed a similarly weak report from Facebook FB-0.78% which suffered its biggest loss ever on Thursday. Facebook extended its decline on Friday, down 1.5%, while Snap Inc. SNAP-4.04% was off 5.7%.Facebook and Twitter take beating: Is this the end of the social media era?
as declared in What goes up, must come down—and for social networks—that could mean Facebook and Twitter's biological clocks are ticking. "I think that people have taken for granted that Facebook and Twitter are somehow permanent objects and they are not at all."Take AOL, for instance. Twitter has been struggling to redefine itself, Kay said, but the administration's use of it as an outlet has actually helped. And Facebook, which has been embroiled in controversy since mid-March after its' alleged massive data leak to Cambridge Analytica, may have seen its' highest point. "I think we've seen peak Facebook and now we are moving into a new era," Kay added.Tech Companies Like Facebook and Twitter Are Drawing Lines. It'll Be Messy.
From its earliest days, Silicon Valley has been animated by near-absolutist understanding of free speech. Other than exceptions for fraud, pornography or specific threats, the prevailing view among many tech platforms has been to allow pretty much anyone to post pretty much anything. These sensibilities are even enshrined in American law, which gives companies broad immunity from prosecution for what their users post. Last week, Facebook announced a new plan to remove misinformation that it determines might lead to imminent harm. Online services — not just Facebook but also Google, Twitter, Reddit and even those far removed from news and politics, like Spotify — are rethinking their relationship with the offline world.Twitter stock drops 20.5% a day after Facebook suffers worst one-day drop in history
collected by :Roy Mark
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