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Citron's Andrew Left Is Short Facebook, Says It's Losing Relevancy

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Citron's Andrew Left Is Short Facebook, Says It's Losing Relevancy

Shares of Facebook Inc (NASDAQ: FB) were trading lower by around 2 percent Monday after Citron Research's Andrew Left said he is short the stock.

Speaking to CNBC, the famed short seller argued Facebook is "losing an extensive amount of relevancy." He added that unlike LinkedIn Corp (NYSE: LNKD), which holds a monopoly in the professional social media space, Facebook is vulnerable to competitive threats from its peers, including Snapchat and other niche social media sites.

Related Link: Microsoft To Acquire LinkedIn For $26 Billion, Its Largest-Ever Acquisition

While Left acknowledged Facebook isn't a bad company, his short thesis is grounded on the fact that Facebook will "not be a $330 billion company in a year."

Facebook's stock has gained nearly 10 percent since the start of 2016 and 40 percent over the past year. Its valuation as of Monday morning was around $323 billion.

 

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