Varney: Zuckerberg is running Facebook ‘into the ditch’
Facebook’s $251 billion fall sets record for largest one-day value drop in stock market history
FOX Business' Stuart Varney, during his latest "My Take" on "Varney & Co." Friday, argued that Facebook CEO Mark Zuckerberg is running his company "into the ditch" after the value of his business dropped by $251 billion.
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STUART VARNEY: You are watching stock market history.
Thursday, the value of Facebook, Meta platforms dropped by $251 billion. That's a quarter of a trillion dollars, knocked off one company in one day. We've never seen anything like that before.
Today, more history: the value of Amazon is up. Up, roughly $200 billion.
The biggest one-day loss – the biggest one-day gain. I'll leave it to the analysts to figure out why these two companies lost and gained so much, so quickly.
I'm interested in the political reaction. I think it will be negative.
Mark Zuckerberg, who runs Facebook, is already unpopular. This gigantic loss will bring out the critics. He's running the company into the ditch. Time for him to go, and we don't like you anyway – a loss brings out your enemies. It doesn't make you friends. Nobody feels sorry for Zuckerberg.
Jeff Bezos no longer runs Amazon, but he owns a big chunk of it, and today's big gain for the stock will make him even more fabulously wealthy.
Did you see this? This is how rich he is: to get his mega-yacht out of the harbor where it was built, he paid $40 million to have a 100-year-old bridge dismantled! It was blocking his $500 million, 400-foot-long yacht!
I can just see Senators Warren and Sanders, and Congresswoman Ocasio-Cortez, and the Squad, all pouring out their contempt and range. They will use it to press for tax hikes on the rich, and the break-up of Big Tech.
That's the politics of the financial history we are living through.
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Facebook, a quarter trillion down. Amazon, a quarter trillion up. The politicians are jumping all over it.