The Golden Lounge

[Theo]

This was in his daily email blast this a.m.:
Meta Platforms (META): I made a mistake, and I was wrong. I trusted this management team and that was ill-advised. Gone rogue. I got had. Horrifying free cash flow of less than $1 billion at the Club holding. Last year $9.5 billion. The hubris here is extraordinary. Bought back $6.5 billion of stock, suboptimal. Shares of the Facebook-parent getting crushed, down nearly 23% to around $100 in the premarket. As we wrote Wednesday evening after the mixed quarter and light guidance, it's no wonder the stock is down so much, with CEO Mark Zuckerberg obsessed with spending on the metaverse.