Here’s the trade on My Space…er, Facebook,…wait, I know…Meta – October 26, 2022
META
Meta ( NASDAQ: META ), time for another name change. Let’s go for the after-hours as well, boom, this thing now is down 20 percent. When they first reported it kind of bounced around a little bit. Then it went down 10 percent, then 11 percent and now we are looking at this. I went to make some lunch and now it’s down 19 percent. My bet is, it is going to go down more.
Now, I hearken back to that day, I think it was back here when the stock was 120 percent higher than it is right now. When the company announced really crappy earnings and Jim Cramer, ever the gullible bull, said, “I’m betting on Zuckerberg, you cannot bet against Zuckerberg. Look at all the wonderful stuff he’s done, he’s amazing.” And so he was pounding the table saying you’ve got to let the stock come in for a couple of days. Zuckerberg, Zuckerberg, Zuckerberg.
There’s a rumor that the guy over on MySpace just opened up a page, his name is Mark Hindenburg. It is actually not Mark Zuckerberg’s alias, he does have a better haircut than Zuckerberg but I think it’s an entirely different guy. So we will stick with Mark Zuckerberg but in my heart of hearts, he is really Mark Hindenburg. These guys, I’m telling you, it’s going to be a two-figure stock.
They had to make a huge change, this is the way of economies, this is the way of the world. The biggest civilizations, it could be Twitter ( NYSE: TWTR ), Facebook ( NASDAQ: META ), or whatever all the other ones are. Ultimately, they are going to crumble, they are going to fall off their own weight and be replaced by something else, somebody else. That happened to Rome, it’s happening to us in a way. It has to happen to a social media platform like this.
That is what was happening with Facebook ( NASDAQ: META ). They had to reinvent themselves, it’s a name, what’s Meta stand for? I have no idea, and neither does anybody else. So they changed their name, they’re changing their business. Now, Zuckerberg wants to look in your eyeballs. You are supposed to put these welding goggles on, that will show you weird crap, and there will be advertisements, I guess, in there. But the cool thing for Zuckerberg is, now, rather than just looking at your browsing history and all that, now, he wants to improve the user experience.
That’s what’s going on with Meta ( NASDAQ: META ). They, essentially, had to create a brand new company, which I get, I think it’s very admirable. They are reinventing themselves with a brand-new company. Now, if this thing takes off, that will turn out to be a brilliant move. This guy has literally taken a company that is sucking the hind tailpipe and reinventing itself with a brand-new product in a brand new industry. You can’t really say that the goggles are true social media like a Facebook ( NASDAQ: META ) or whatever. They kind of are in some ways, but it’s really more kind of a whole different world.
I personally like this one, I’m not looking to switch, but maybe a lot of people are. Seriously, I doubt it. I personally think this is going to be a bust, but nobody has asked me, including you, what I think. I’m just saying, this is a Wile E. Coyote, it’s back to 2016 levels and it only has, from here, it only has another 60 percent to fall before it actually hits the IPO price. My bet, it’s probably going to get there. So if I were a betting man, and I’m not, any kind of rally up to the 50-day moving average, I would probably be inclined to short that, that’s just me.
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