I know nothing about Facebook. I always think of it as a supermarket tabloid. What’s going on?
FB's stock price zoomed higher during the Pandemic.
The basic thinking - people could get their news and information and maintain contact via Facebook during the Lock Down.
Problem - doing what Facebook does is not that complicated or expensive, so dozens of other companies are nibbling away at Facebook's customer base.
Also, Apple introduced a computer and cell phone privacy option that blocks Facebook's ability to gather purchase and subject interest data from Apple customers.
Facebook projects a $10 billion advertising loss because of that new software.
Also, the EU says Facebook is unlawfully transferring European customer data to the USA. Facebook says it may have to shut down its presence in Europe if that information is blocked.