Meta crashed 73%. Tesla crashed 70%. Netflix crashed 72%.
Everyone knew it was always going to come down, but if I were to tell you in September 2021 that Meta was going to trade 70% down within a year, you wouldn't have believed me
I would have probably asked "who is Meta?" at which point you explain you are a time traveler, and Facebook was to change their name in the next few months, too. After my initial laughter, I suppose I'd believe your whole story, because you can't make this stuff up. Next thing you'll tell me, Zuckerberg has legally changed his name to "The Cooler Mark".
Maybe not down 70%, but certainly down a lot due to iOS privacy changes, which are being taken up by other platforms and browsers as well.
A big chunk of the negative sentiment however can be attributed to those ridiculous metaverse demos that they've spunked $15b of cash on.
I have always said (w/comments to back it up) the $600 checks were going to cause huge issues sooner than later. I don't think its that prophetic or controversial (its basic econ) but at the time it seemed if you even suggested the idea that printing so much money was a bad idea you were seen as "hating poor people" or some other flavor of "against the common man."
Still. I can't say I would have believed you. Otherwise, I would have shorted the whole tech sector.
Then out of the blue, for no real reason, it went up again, hitting another new high.
Point is: markets are completely irrational and predicting what they're going to do or not going to do is a futile exercise.
In real terms, Bitcoin and Ethereum didn't perform any worse than most major tech stocks, and outperformed many pandemic tech stocks (Zoom, Peloton).