📉 Is Facebook dying?

PLUS: The backstory of a banned book. February 4, 2022 [The Hustle] Well, that was quite a week. We launched our new podcast, The Hustle Daily Show, and on Day 1 it became a top business news podcast. Now the real work begins… Also, in case you didn’t hear, we’re giving away $5k+ in prizes to 8 people.* [Sign up for a chance to win here](! In today’s email: - Reality check: How Meta shed $200B in value overnight. - Black History Month: Why some brands’ efforts are misguided. - Maus: A school board banned it. Now it’s a bestseller. - Around the web: Dividing the dance floor, Lego investments, and more neat internet finds. Let’s do it. The big idea [Zuckerberg using VR]( Why did Meta lose $200B+ in value? The phrase “Big Tech” commonly refers to Amazon, Apple, Google, Microsoft, and the artist formerly known as Facebook (Meta). The moniker may have to change: Meta had its biggest one-day drop ever, falling 20%+ and losing $200B+ of market value. What happened? The sell-off came after Meta’s latest earnings report, per [CNBC](: - Slowing sales: Meta revenue hit $33.7B in the last quarter but its guidance for Q1 2022 ($27-$29B) was below expectations - The Apple effect: New changes to iPhone’s privacy policy will cost Facebook’s ad business an estimated $10B this year Meanwhile, Facebook’s daily users — 1.93B — [declined]( from the previous period with attention moving to other platforms, namely TikTok. Can Meta come back? Nikita Bier — a former Facebook exec whose startup was acquired by the social network — highlights the challenges in a viral Twitter [post](: - High-value users (e.g., US coastal) are leaving Facebook and going to TikTok - M&A options are off the table due to antitrust scrutiny - Founders are choosing not to work at Meta, which means it can’t build new products Further, Meta’s big bet on the metaverse… … will take 10 years to play out Bier does say that Zuck is the “greatest operator” in the world. He’s also the only founder left running a Big Tech firm, putting him in the driver’s seat — with full control — to pivot the company. In the meantime, though, Meta (worth ~$670B) may have to be downgraded from “Big Tech.” Why? All the other firms are worth at least $1.4T. [Share on Facebook]( [Share on Twitter]( [Send as email to a friend](mailto:?subject=The%20Hustle%20wrote%20something%20I%20think%20you%27ll%20like...%0A&body=Why+did+Meta+lose+%24200B%2B+in+value%3F%0Ahttps%3A%2F%2Fthehustle.co%2F02042022-Meta-losses%3Futm_campaign%3DMeta%2Blosses%26utm_content%3D02042022-Meta-losses%26utm_medium%3Demail%26utm_source%3Ddaily%0A%0AYou%20can%20subscribe%20with%20my%20link%20here%20to%20get%20the%20latest%20in%20tech%20and%20business%20daily:%0A [View on our website]( SNIPPETS Big deal: The WNBA [raised]( $75m from investors that include Nike and Condoleezza Rice at a $1B valuation, marking the largest capital raise for a women’s sports property. Prime price hike: Amazon [raised]( the annual price of Amazon Prime to $139, its 1st price increase since 2018, when it jumped to $119 per year. Sold out: NBCUniversal [sold out]( Super Bowl ads at $7m a pop. Brands getting into the mix for the [1st time]( include: Irish Spring Soap, Sam’s Club, and Wallbox, which makes EV chargers. Uhhh, what? Jeff Bezos couldn’t fit his superyacht through a bridge in Rotterdam, so the town is [dismantling]( the bridge to fit it through. Snapping back: After missing its targets in Q3 of 2021, SNAP [bounced back]( — surpassing 319m daily active users and $1.3B in revenue. Founder’s Wallet: The Hustle’s Sara Cravatts [unpacks]( how the founder of CoCo Vodka, a canned hard coconut water startup, spends his monthly budget. --------------------------------------------------------------- Hey — enjoy getting quick updates on what you care about? Take [20 seconds]( to personalize your Snippets. Pick your preferences👇 and we’ll send you more of what you love. Boom. [Personalize my Email →]( Cautionary Tale [Black History Month cartoon]( Brands are botching Black History Month Every year since [1926](, the month of February has been dedicated to honoring the history of African Americans. The tradition is observed by the US, while Canada, the UK, and Ireland celebrate Black history in their respective countries. Naturally, brands have joined in on the celebration, but many efforts have proven misguided. One cautionary tale Bath & Body Works recently [launched]( a collection featuring candles, lotions, and fragrances to celebrate Black History Month. The brand has been [skewered]( on social media, and has been accused of: - Capitalistic exploitation, for slapping African designs on products that already existed - Problematic products, like a watermelon-scented candle Bath & Body Works plans to donate $500k to the National Urban League and the Columbus Urban League, showing its intentions aren’t totally nefarious. One strategy that likely would have gone over better? Partnering with and promoting Black brands rather than attempting to release its own collection. For more on how not to handle Black History Month, check out this [tutorial]( on Instagram Reels. [Share on Facebook]( [Share on Twitter]( [Send as email to a friend](mailto:?subject=The%20Hustle%20wrote%20something%20I%20think%20you%27ll%20like...%0A&body=Brands+are+botching+Black+History+Month%0Ahttps%3A%2F%2Fthehustle.co%2F02042022-botching-Black-History-Month%3Futm_campaign%3DMeta%2Blosses%26utm_content%3D02042022-botching-Black-History-Month%26utm_medium%3Demail%26utm_source%3Ddaily%0A%0AYou%20can%20subscribe%20with%20my%20link%20here%20to%20get%20the%20latest%20in%20tech%20and%20business%20daily:%0A [View on our website]( Banned Bestseller [Art Spiegelman’s Maus: A Survivor’s Tale book]( A school board banned a book. Now everyone wants it They say forbidden fruit tastes the sweetest — and that certainly appears to be the case for a Pulitzer Prize-winning graphic novel. The backstory Art Spiegelman’s Maus: A Survivor’s Tale is based on the author’s interviews with his father, a Polish Jew and Holocaust survivor. All characters are depicted as animals: Jews are mice, for example, while Nazis are cats. Despite the novel’s critical acclaim, a McMinn County, Tennessee, school board [banned]( the novel from its 8th-grade curriculum over 8 curse words, a drawing of a naked mouse, and depictions of violence, [per]( The Guardian. But the people want what they can’t have Interest in Maus has boomed, [according to]( Google Trends, and the book has climbed to the top of Amazon’s bestseller list, [per]( NPR. Additionally, several comic bookstores have offered to donate free copies to McMinn County students, while a fundraiser to purchase the book for students across the US has already raised [$105k+]( at press time. The ban also resulted in an apparent flurry of film and TV offers, but Spiegelman [told]( The Hollywood Reporter he’s not interested in adaptations because “comics adhere to the brain better.” Quote: “Read whatever they’re trying to keep out of your eyes and your brain, because that's exactly what you need to know.” — [Stephen King](, the famous horror author whose books are frequently [banned]( [Share on Facebook]( [Share on Twitter]( [Send as email to a friend](mailto:?subject=The%20Hustle%20wrote%20something%20I%20think%20you%27ll%20like...%0A&body=A+school+board+banned+a+book.+Now+everyone+wants+it%0Ahttps%3A%2F%2Fthehustle.co%2F02042022-Maus-banned-book%3Futm_campaign%3DMeta%2Blosses%26utm_content%3D02042022-Maus-banned-book%26utm_medium%3Demail%26utm_source%3Ddaily%0A%0AYou%20can%20subscribe%20with%20my%20link%20here%20to%20get%20the%20latest%20in%20tech%20and%20business%20daily:%0A [View on our website]( TRENDS Keys to a $34m Kickstarter product launch Our recent Trends deep dive on camera gear company Peak Design dissects how the maverick cleared [$34m from 2011 to 2020]( with no VC backing. And just 1 product launch per year. Golly. 3 crowdfunded campaign bangers: - Capture camera clip (2011): The premiere was a small-time hit. Demand was so heavy, they had to get creative. - Everyday messenger bag (2015): Executed a $4m launch (465% YoY growth) by partnering with a photography influencer and driving strategic press coverage. - Travel tripod (2019): Raised $12m, sending Peak Design to legendary status. The year 9 rollout was on point. We deliver details in [the Trends article](. Join Trends for insights like this, market trends, and 17k new friends. [Get in here →]( AROUND THE WEB 📈 On this day: In 2004, a little college social networking site called Facebook [launched](, attracting 1k users by the following day. 🕺 Haha: A data-driven [approach]( to getting people on or off the dance floor by generation. 🖥️ Useful: [Keppler]( is a tool for real-time code sharing, useful for lectures or presentations. 🎵 Cure boredom: We’ve shared online music composers before, but [this one](, well, it’s a little different. 💰 That’s interesting: A Russian [study]( found that Lego sets may actually be a better long-term investment than stocks, bonds, or gold. 🐶 How to: If you’re into football, then please enjoy Super Bowl LVI on Feb. 13! If you’re not, here’s where to watch [Puppy Bowl XVIII](, hosted by Snoop Dogg and Martha Stewart. IN CASE YOU MISSED IT (A roundup of our best reads from the last couple weeks…) 🚜 [We went to Kansas]( to meet the people taking up offers on free land. ❤️‍🔥 [Lonely Americans]( were swindled out of millions in romance scams. 👮 [The business rationale]( that led to Spotify’s moderation scandal. 🌶️ [McCormick is building]( a hot sauce empire. 🥽 [Meta’s job board]( shows how it’s moving into the metaverse. Shower Thoughts - “You can tell how bad inflation has been over the years by how much money people steal in heist movies of their times.” [SOURCE]( - “If you're wearing noise-canceling headphones and someone has to wave at you to get your attention, you have gone from being voice-activated to being motion-activated.” [SOURCE]( - “The person standing in front of you is technically the person standing the furthest behind you.” [SOURCE]( - “Trees are the earth’s lungs and even look like the bronchus/bronchiole/trachea inside our lungs.” [SOURCE]( - “If you stare at the sun long enough, you get a dog.” [SOURCE](  [via Reddit]( Tech Giveaway [prizes]( New Podcast: $5k Tech Giveaway Want a shot at one of the prizes above?* Here’s what you need to do: Step 1: [Enter here]( for a chance to win. Step 2: Follow The Hustle Daily Show on Apple / Spotify + send the magic referral link to your friends. Every friend that signs up through your link gives you 35 extra entries in the raffle (1 referral = 35 entries). Step 3: Do your embarrassing little ritual and check if you’re one of the 8 winners after February 9th! [Follow the Podcast →]( Prizes: Airpods Pro, Apple Watch Series 7, Fully Standing Desk, iPad Pro, Trends Lifetime Membership, iPhone 13, Macbook Air, Macbook Pro. *NO PURCHASE NECESSARY. Legal residents of the 48 contiguous United States or D.C. 21 years and older. Ends 2/9/22, 11:59 pm ET. To enter and for Official Rules, including odds, and prize descriptions, visit [(. Void where prohibited. How did you like today’s email? Refer friends. Help us grow. Get cool stuff 🤠Share The Hustle with your custom referral link: [ Your referral count: 0 Today's email was brought to you by [Trung Phan](, [Jacob Cohen](, [Juliet Bennett Rylah](, [Rob Litterst](. Editing by: Mark “Meet me in the metaverse” Dent. 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