Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
Facebook, Inc. (NASDAQ:FB) plunged 19 percent Thursday after the company’s second-quarter earnings report. Incredibly, the earnings crash shaved more than $120 billion off of the company’s market cap in a matter of hours.
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Facebook’s disastrous day has been the talk of Wall Street. CNBC’s Carl Quintanilla tweeted that only one other time since September 2014 has a FANG stock to gap down by more than 15 percent following a quarterly earnings report.
Since September 2014, “only once has a FANG stock gapped down by more than 15%. (Netflix in October of 2014.)” - @bespokeinvest
Here’s how they finish the day: pic.twitter.com/DCsNIeKrpE
— Carl Quintanilla (@carlquintanilla) July 26, 2018
CNBC’s Joe Terranova tweeted that Facebook’s day is historically bad.
In fact, Facebook’s trading action on Thursday could result in the most destruction of value by a single stock in a single day ever. Intel Corporation (NASDAQ:INTC) currently holds the record for biggest single-day market cap loss at $90 billion during the bursting of the dot com bubble back in September of 2000.
#Facebook is heading for an undesirable record! Largest USD market cap loss of all time. ht @ArendJanKamp pic.twitter.com/nuIT43lYkD
— jeroen blokland (@jsblokland) July 26, 2018
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Value Destruction
Just how much value have investors lost? General Electric Company (NYSE:GE), Paypal Holdings Inc (NASDAQ:PYPL) and salesforce.com, inc. (NYSE:CRM) all have market caps of less than $120 billion. In fact, so does 91 percent of the entire S&P 500. A $120 market cap represents more than twice the size of General Motors Company (NYSE:GM) and about four times the size of Southwest Airlines Co (NYSE:LUV). A $120 billion loss is more than the annual gross domestic product of Ukraine ($109.3 billion) and Puerto Rico ($98.8 billion).
Unfortunately for millennials, young investors are taking a large portion of the Facebook hit. Last year, TD Ameritrade reported that Facebook was the second most commonly-owned stock among millennial investors.
Facebook shares closed Thursday at $176.25. Its market cap now stands at around $503.5 billion.
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Facebook 'Hit Reset' On Expectations: Wall Street Responds To The Lackluster QuarterCrypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.