Facebook Admits to Millions of Fake Users
RUSH: Facebook is admitting it has millions of fake accounts. Now, there's a little problem at Facebook anyway. Their stock price since the IPO has been falling. And from Fox News. Well, MyFox.com. It's all the same thing. "Facebook's share price dipped below $20 on Thursday after reporting slowing growth and an admission of an alarming number of fake accounts." Stock's down 41%? The IPO, well, what did it hit, 42 was the high, 42 or 45? Anyway, it's down now to below 20.
"In a quarterly filing with the Securities and Exchange Commission, the social media company said that as many as 83 million of its accounts are fake. It also reported that as many as five percent of its active users have duplicate accounts. Facebook members grew to 955 million this year. It says 1.5 percent of its accounts are likely spam or accounts set up for other malicious activity. The fake accounts are concentrated in developing markets." That means Third World cities, countries. Doesn't it? Developing markets. Well, it could mean Detroit. I'm just kidding. Lighten up. I'm just kidding. "There are 'inherent challenges' in measuring usage," they said. Oh, and it says here, "shares are down almost 50 percent from its $38 May IPO."
Eighty-three million accounts fake? If there are that many, I wonder if that's what they're actually admitting to.
WSJ on Self-Delusion
RUSH: We'll go through these questions from the Wall Street Journal in a little bit more detail tomorrow, folks. Open Line Friday, we'll meld that in: Self-delusion, lying to yourself, is it good or bad.
RUSH: Unemployment news is up. It's unemployment Thursday, unemployment's up. And we're back now to unexpectedly. Yes. Yes, trying to make me happy. Maybe it's an anniversary gift from Reuters to put the word back in the report.