Facebook Stock Drop a "Gross Overreaction"- Gene Munster
Facebook’s latest troubles sent shares down nearly 7 percent Monday, making it the worst performing stock in the Cheddar 50. But long-time tech analyst Gene Munster, Managing Partner of VC firm Loup Ventures, saw it as a “gross overreaction.”
This scandal is a blip in the bigger pictures, Munster told Cheddar.
As of 2017, the social media giant has over two billion active users a month and advertisers continue to get a high return on the platform, explained Munster.
“These issues around controls and compliance is [are] something that every big company gets hit with,” he said, citing similar problems for Snapchat and Baidu.
“This is something that we believe Facebook will solve.”
The social media giant came under fire from investors after news a data firm, Cambridge Analytica, got access to information from some 50 million users without their permission. That data was reportedly used to help President Donald Trump’s campaign during the 2016 election.
Facebook’s drop Monday brought down much of the tech sector. The Nasdaq fell more than 1.8 percent, while the Dow Industrials was down more than 330 points.
Cust2Mate is a leading innovator in retail technology, aiming to revolutionize the shopping experience. By implementing smart cart technology, the tech company addresses the issue of theft while enhancing the shopper's journey.
The Biden administration has unveiled a plan, Plan B, to address the student loan debt crisis. It offers to cancel up to $20,000 in interest for borrowers enrolled in income-driven repayment plans. This proposal aims to reset balances for those facing growing debt due to unpaid interest, benefiting low—and middle-income borrowers. An estimated 25 million borrowers are eligible for some form of interest forgiveness.
As we head into the second quarter, there’s an argument in favor of buying Boeing stock. Why? As one expert says, ‘there’s nowhere else to get planes.’
With inflation and prices still on the rise, it might be worth considering a carpool app. One of them, Singapore-based Ryde, just went public in the U.S.
Full Glass Wine Co., the company behind Bright Cellars, Wine Insiders, and Winc, knows you fell in love with home delivery during the pandemic – and it’s investing millions into making it even better.
It might sound counterintuitive, but the Fed cutting interest rates three times this year could cause inflation to spike and actually be worse for markets and the economy as a whole.
