Evercore ISI senior managing director Mark Mahaney analyzes Netflix and Meta on 'Varney & Co.'
shares fell nearly 5% Friday and more than $20 billion were wiped from Mark Zuckerberg ’s net worth as investors feared aThe Facebook and Instagram owner – which has seen its stock drop nearly 13% this week – shed roughly $119 billion in market cap on Thursday after two verdicts found it liable for failing to protect children, potentially teeing up thousands of similar challenges.
Meta was locked out of the top seven US firms by market cap for the first time since 2023 following the stock drop, according to Dow Jones Market Data., who owns a roughly 13% stake in Meta, saw his net worth plummet to $182.5 billion Friday – down $21 billion from the previous day and making him the biggest loser on the Forbes Real-Time Billionaires list.Disgraced Theranos fraudster Elizabeth Holmes just caught a break in court — and prosecutors aren’t happySheryl Sandberg taps 25-year-old to lead her nonprofit — sending senior staff packing: report Meta has vowed to appeal both cases — a stance that Google shares — but it’s not just the millions in penalties that has sent Meta’s stock nosediving., as the landmark decisions could encourage a flood of lawsuits similar to the firestorm that bombarded cigarette makers a generation ago. Social media companies have long been absolved from major legal challenges by blaming potentially harmful content, including sexual and violent posts, on the users who create it.Meta and Google face thousands of pending lawsuits across federal and state courts that similarly accuse the social media firms of profiting from intentional design choices that get kids hooked to apps and leave them vulnerable to sexual predators. Meta, Google, Snap and TikTok will face another high-profile case this June in a California federal court as school districts around the country argue that their addictive apps have disrupted education and weighed on local resources.Snap and TikTok were also defendants in the California case from this week, but they settled with defendants before the trial started., claimed she became dangerously obsessed with Instagram and YouTube at a young age because they were deliberately designed to be addictive to children, with features like infinite scroll and autoplay.Here’s the most overlooked part of Larry Fink’s yearly letter to shareholders — and why it could be good newsDisgraced Theranos fraudster Elizabeth Holmes just caught a break in court — and prosecutors aren’t happyTiger Woods’ bloodshot-eyed mugshot released after Florida car crash, DUI arrestAndy Johnstone for CA Post Stream It Or Skip It: 'Jo Nesbø's Detective Hole' On Netflix, Where A Troubled Detective Tracks Down A Serial Killer Who Is Terrorizing Oslo
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