The Age of the Soonicorn
In case you haven’t been following it, the stock market has been taking a huge hit, especially in the tech sector. Truth be told, tech stocks have long been overvalued, and although no one wants to mention the word, let’s go there: the bubble is finally bursting. It’s overdue. Waaay overdue.
Consider: Facebook revenue slows but user gains boost stock. Strange math, what, eh? “The company shares had fallen by about 44 percent in addition to recording a $400 billion loss in market value,” TechStory reported. But the stock was up! But not for long. Of course, Zuckerberg has assured us that his metaverse will be hugely profitable by 2030, no matter that it lost $3B this past year. The hype machine, it seems, is alive and well.