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CHEERS, JEERS, AND TEARS: Facebook Failure Elicits Varied Emotions

October 5, 2021 By E.J. Smith - Your Survival Guy

President Obama, Facebook CEO Mark Zuckerberg and entrepreneur Mariana Costa Checa sit on a panel at the Global Entrepreneurship Summit, held on June 22-24, 2016 at Stanford University in Palo Alto, California. [GES Photo/Public Domain]

Facebook, and its associated properties, Instagram, WhatsApp, Facebook Messenger, and Oculus, were all down for about six hours yesterday. Not everyone was unhappy about the outage. Conservatives who have been harangued on the site for months certainly felt a sense of schadenfreude as they watched their foe, Mark Zuckerberg, lose billions of dollars in value on his Facebook holdings. Scott Carpenter reports for Bloomberg that Zuckerberg lost $6 billion in hours. He writes:

Mark Zuckerberg’s personal wealth has fallen by more than $6 billion in a few hours, knocking him down a notch on the list of the world’s richest people, after a whistleblower came forward and outages took Facebook Inc.’s flagship products offline.

A selloff sent the social-media giant’s stock plummeting 4.9% on Monday, adding to a drop of about 15% since mid-September.

The stock slide on Monday sent Zuckerberg’s worth down to $121.6 billion, dropping him below Bill Gates to No. 5 on the Bloomberg Billionaires Index. He’s down from almost $140 billion in a matter of weeks, according to the index.

Perhaps the biggest benefactor of Facebook’s downtime was Twitter, where staff posted a tweet welcoming all the newcomers.

hello literally everyone

— Twitter (@Twitter) October 4, 2021

The outage comes shortly after a whistleblower accused Facebook of not doing enough to limit extremism on the site. That whistleblower is preparing to tell Congress that Facebook is “accountable to no one,” reports NBC’s Olivia Solon. She writes:

Former Facebook employee Frances Haugen will say that the social networking giant needs Congress to enforce more transparency from the company when she testifies Tuesday at a Senate Commerce Committee hearing.

“I believe that Facebook’s products harm children, stoke division, weaken our democracy and much more,” she will say, according to prepared remarks.

Haugen, 37, a former product manager on Facebook’s civic misinformation team, said that effective regulation of Facebook would need to start with transparency, including allowing “full access to data for research not directed by Facebook.”

Allowing external researchers to get a look “under the hood” of Facebook would allow for regulators to build “sensible rules and standards to address consumer harms, illegal content, data protection, anticompetitive practices, algorithmic systems and more,” she said.

Action Line: Your investments need accountability. The share structure of Facebook prevents Mark Zuckerberg from being fired. That’s not accountability, that’s invincibility for Zuck. With Facebook, you invest, and he wins. If your portfolio is filled with “Facebook” type stocks, maybe it’s time to consider a different approach. If you need help, I would love to talk with you.

Originally posted on Your Survival Guy. 

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E.J. Smith - Your Survival Guy
E.J. Smith is Founder of YourSurvivalGuy.com, Managing Director at Richard C. Young & Co., Ltd., a Managing Editor of Richardcyoung.com, and Editor-in-Chief of Youngresearch.com. His focus at all times is on preparing clients and readers for “Times Like These.” E.J. graduated from Babson College in Wellesley, Massachusetts, with a B.S. in finance and investments. In 1995, E.J. began his investment career at Fidelity Investments in Boston before joining Richard C. Young & Co., Ltd. in 1998.

E.J. has trained at Sig Sauer Academy in Epping, NH, NH, where he completed course-work in Practical and Defensive Handgun, Conceal Carry Pistol, Shotguns, Precision Scope Rifle and Kidnapping Prevention.

E.J. plays a Yamaha Recording Custom drum set with Zilldjian cymbals. His first drum set was a 5-piece Slingerland with Zildjians. He grew-up worshiping Neil Peart (RIP) of the band Rush, and loves the song Tom Sawyer—the name of his family’s boat, a Grady-White Canyon 306. He grew up in Mattapoisett, MA, an idyllic small town on the water near Cape Cod. He spends time in Newport, RI and Bartlett, NH—both as far away from Wall Street as one could mentally get. The Newport office is on a quiet, tree lined street not far from the harbor and the log cabin in Bartlett, NH, the “Live Free or Die” state, sits on the edge of the White Mountain National Forest. He enjoys spending time in Key West and Paris.

Please get in touch with E.J. at ejsmith@yoursurvivalguy.com

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