Andrew Left, the Citron Research short-seller who shot to prominence following a bearish analysis of Valeant Pharmaceuticals Inc., said that Facebook Inc. could lose nearly a third of its market value or more as he bets against the social media giant's shares.
Left revealed to Bloomberg News last month that he was shorting shares of Facebook, citing increased competition from Snapchat Inc. and concerns over the company's ability to generate revenue through advertisements. His call goes against the vast majority of Wall Street, where 88 percent of analysts surveyed by Bloomberg have a 'buy' rating on the stock.
