On the heels of the release of “The Facebook Papers” it brings with it a whole lot of potential problems for the tech giant Facebook. Let’s dubbed this “FaceGate” because this can be extremely damaging for the company as Watergate was for President Nixon. Maybe that is why Zuckerberg made it a point to make a few changes, one being the name of the company. It’s a given that they will keep the Facebook and Instagram names for branding purposes but they may be looking to take all their messaging across all platforms to one place and that is WhatsApp.
The internal Facebook documents aka “The Facebook Papers” that were handed to the Securities and Exchange Commission and Congress by the legal team of whistleblower Frances Haugen just shows a slew of bad judgement calls and errors by the tech giant. They could’ve prevented this by removing the ego and fixing the issues that their own people where telling them about but seems the top brass thought they were above it all.
With investors not thrilled about the blatant disregard for doing the right thing with the problem at hand hasn’t stopped their continued growth to the tune of $9 in revenue for their latest quarter. Still it seems that they are more focused on the Metaverse than the today problem plaguing not only Facebook but across all advertising based social media platforms.
Innovation should always be at the forefront but ignoring the issues right now will only cause the foundation to rumble later.
We will see where things go but there may be a major shakeup with the company either by choice or by an act of congress at some point soon.
Facebook’s shares are up nearly 75% since October 2019, compared to a surge of more than 140% for Apple (AAPL) and nearly 120% for Google owner Alphabet (GOOGL). In fact, Facebook’s shares have trailed all the FAANGs (which also includes Amazon (AMZN) and Netflix (NFLX)) as well as Microsoft (MSFT) and Tesla (TSLA), during the past 24 months.