That is why I stated I only despise this strategy as an option trader since it is not a viable approach with options due to time decay and expiration. (It was meant to be subjective.)
I put on a swing trade long late Friday at $133.22. I love React but hate everything else about this company so just held my nose. Looking for a bounce and then sell to dip buyers who have convinced themselves there is value here at this price. Long term, I just think the metaverse is stillborn and dead on arrival. Hard to get more negative sentiment than this though without something blowing up.
According to Mr. Wonderful (from Shark Tank) Facebook is irreplaceable for its geoadvertising ability. I don't think that even Google does that. I've personally never received any local business ad from Google. I think ultimately they still can't compete with the TikTok phenomenon, even YouTube has lost market share to TikTok.
It is so cringe and bad it makes me want to buy more as the purist of contrarian bets. I couldn't pull the trigger yesterday though so I don't think I can do it today. Thinking more about it, I have established a core long term position instead of a trade. I am more interested in the optionality in the next decade with AI from the team that built PyTorch than this laughable Metaverse bullshit.
Has a billionaire ever controlled a company that eventually went bankrupt? Oh yea that's right Jan6th guy, many times.