Facebook’s Fresh Hell

On January 25, 2018, George Soros held his annual banquet at the Hotel Seehof in Davos, Switzerland and launched a broadside against tech giants Facebook and Google.

“Mining and oil companies exploit the physical environment; social media companies exploit the social environment,” he said. “The owners of the platform giants consider themselves the masters of the universe, but in fact they are slaves to preserving their dominant position … Davos is a good place to announce that their days are numbered.”

Across town, A group of senior Facebook executives, including COO Sheryl Sandberg and vice president of global communications Elliot Schrage, had set up a temporary headquarters near the base of the mountain where Thomas Mann put his fictional sanatorium. The world’s biggest companies often establish receiving rooms at the world’s biggest elite confab, but this year Facebook’s pavilion wasn’t the usual scene of airy bonhomie. It was more like a bunker—one that saw a succession of tense meetings with the same tycoons, ministers, and journalists who had nodded along to Soros’ broadside.

Facebook’s powerful network effects have kept advertisers from fleeing, and overall user numbers remain healthy if you include people on Insta­gram, which Facebook owns. But the company’s original culture and mission kept creating a set of brutal debts that came due with regularity over the past 16 months. The company floundered, dissembled, and apologized. Even when it told the truth, people didn’t believe it. Critics appeared on all sides, demanding changes that ranged from the essential to the contradictory to the impossible. As crises multiplied and diverged, even the company’s own solutions began to cannibalize each other.

Read More at Wired

Read the rest at Wired

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