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The 5 Dumbest Things on Wall Street This Week: May 24

4. Rupert's Regrets

Hey Rupert, what's with the radio silence -- or should we say Twitter silence -- following Yahoo!'s (YHOO) big deal? After your tweet about Facebook (FB), we were near certain you would weigh in on Marissa Mayer's towering $1.1 billion purchase of Tumblr from CEO David Karp, but apparently we were wrong.

What's wrong old buddy? Cat got your thumbs?

The News Corp. (NWS) CEO used his Twitter account late last Thursday night to offer his two cents on research suggesting that Facebook's fanbase may be fading. The report by the Pew Research Center found that 28% of Facebook's users said the network was less important to them than it was a year earlier, while 34% of survey respondents said they spent less time on Facebook.


"Look out Facebook! Hours spent participating per member dropping seriously. First really bad sign as seen by crappy MySpace years ago," tweeted Murdoch on the one-year anniversary of the social network's IPO.

Wow! Way to let the schadenfreude shine through big guy. We know you're still smarting from paying $580 million in 2005 for MySpace and selling it for $35 million in 2011, but that's no reason to rain on Mark Zuckerberg's parade. It's not his fault that he can run a social network better than you, even if he can't orchestrate a decent IPO.

And by the way, the results of that poll were released back in February, so once again your timing was off. You were early with your MySpace purchase and failed to capitalize on it. Now you're months late with your digital curmudgeonry over Facebook's success.

Here's an idea Rupert. Maybe you should set your alarm right now for May 20, 2014.

We want you to be right on time if you plan to start carping about Karp's big deal.

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