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“I think that people just have this core desire to express who they are. And I think that’s always existed.” – Mark Zuckerberg
Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.
US equity futures are flat this morning after a wild Monday that saw the major indices gap down 1%+ but recover about half of that during the trading day. While Mexico and the US came to an agreement to delay tariffs by 30 days around lunch time, Canada and the US didn’t agree to their short-term truce until just after the close.
Today is the 21st birthday of Facebook, which was launched by Mark Zuckerberg in his Harvard dorm on 2/4/2004. Below is a snapshot of one of the first versions of the Facebook profile, which was entirely used on desktops and laptops at that point because the iPhone was still a few years away.
It took eight years from launch for Facebook (now META) to IPO. Below is a look at the growth of a $10,000 investment in META at its IPO price back in May 2012. $10k at the IPO held through yesterday’s close would now be worth roughly $184,200, but it certainly didn’t get there in a straight line.
Recall that META went “all-in” on the metaverse in the early 2020s, which, combined with a nasty bear market for growth stocks, resulted in a 76% drawdown from September 2021 to November 2022.
At its lows in late 2022, a $10k investment at META’s IPO in 2004 had fallen from more than $100k at its 2021 peak all the way down to just $23,400.
Zuckerberg reversed course on the metaverse to try and stop the bleeding, and he dubbed 2023 the “year of efficiency” for the company. Around the same time, ChatGPT came along to start the AI Boom. Since its lows in 2022, META has rallied nearly 700% and currently sits at all-time highs.