I’m not sure the Facebook stock price carnage — slashing $132 billion off market cap — can all be attributed to its missing on the top line in its earnings Wednesday.
Revenue was light compared to what the street expected but Facebook slightly beat on the bottom.
CEO Mark Zuckerberg saw a $16 billion hit on his own stake, despite selling stock on almost a daily basis during the quarter.
No I’m more focused on the chief legal council announcing he would leave the firm before year’s end. The reason appears to be along the lines of wanting to spend more time with the family.
While many believe that Zuckerberg skated by Congress in his testimony over the Cambridge Analytica’s use of FB data in the run up to the 2016 presidential election, I believe there could be a gathering storm for the dear boy with criminal charges being brought for lying to Congress as well as conspiring to sway an election.
I don’t say this on a lark. Sources tell me that after the Congressional August break Zuckerberg may be spending more time in Washington DC than Menlo Park, CA.
Time will shortly tell if this bears truth.