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Facebook got crushed in trading after its first earnings report since its IPO.
Facebook's IPO was a disaster and its first-ever earnings report didn't really make the situation much better. The company basically met Wall Street's modest expectations, but nonetheless the core executive team — CEO Mark Zuckerberg, COO Sheryl Sandberg, and COO David Ebersman — didn't clam investors fears about the company's future. And so it was crushed in after hours trading and was knocked down more than 10 percent in trading today.
When the dust cleared, Facebook, which IPO'd at more than a $100-billion market cap, was a company with just north of a $50-billion market cap.
I went on "AirTalk" with guest host David Lazarus to talk about Facebook's recent misfortunes. Listen up and tell me what you think. Is Facebook with us for long haul? Or has the slide toward irrelevance begun? If the latter, then this company could be the biggest Internet economy bust of all time.
And California, you can forget about the big "Facebook effect" you were expected to solve some of the state's rolling budget crisis.