Tech Brew Ride Home Thu. 02/03 – Meta.Bomb
Feb 3, 2022
Meta faces a staggering 25% stock drop and its first decline in daily users, raising concerns about its future. The cybersecurity landscape is shaky, with a major crypto hack exposing vulnerabilities and a ransomware attack disrupting snack supplies in Britain. Meanwhile, Bored Apes Yacht Club ignites interest with potential funding talks. Microsoft's HoloLens strategy is in turmoil, with rumors of a scrapped new version and internal conflicts, sparking doubts about its mixed reality ambitions.
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Meta's Stock Plunge
- Meta's stock plummeted 25% after reporting a sequential decline in daily active Facebook users.
- This drop, coupled with a $10B loss in their Metaverse project and Apple's privacy changes, wiped $200B off Meta's market cap.
Revenue Diversification
- Meta's over-reliance on advertising revenue (98%) makes them vulnerable, unlike more diversified tech giants like Google (81% ad revenue).
- Google's early focus on ads proved successful, but their current shift suggests they anticipate future challenges.
Wormhole Hack
- Wormhole, a cryptocurrency platform, was hacked for $322 million in Ether.
- The attacker exploited a vulnerability in their system to release Ether and Solana coins beyond their initial input.