Jim Rogers: Facebook Isn't an Investment, It's a 'Waste of Time'
Facebook is the world's No. 1 social network with more than 1 billion-plus users, but billionaire investor Jim Rogers said Tuesday that unless the company figures out how to monetize its massive following, he doesn't think its stock is worth an investment.
"I can't conceive that that's going to be a fabulous place to make a lot of money," Rogers said on CNBC's "Futures Now," adding he thinks the website is, however, "a good way to waste time."
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"My wife is on it. She's always wasting time on it, but even she's come to realize this is a pastime and it's a waste of time, but I've got better things to do. And I think a lot of other people are going to come to that conclusion, too."
Rogers added that Facebook usage could be a "generational thing," implying a younger demographic might be more inclined to use the social network. Even so, Rogers noted that despite its popularity, Facebook's advertising business continues to struggle, especially as more and more users begin to access its network via smartphones and tablets.
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"If they can figure out a way to make money at it, then by all means, they're going to be a [good] stock and the stock's going to go up 10 times and I'm going to look foolish," Rogers said.
At present moment, though, Rogers is neither long nor short Facebook's stock.
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