Facebook ($FBOOK) is not harmless, but it is not ruining anything.
The ‘meme’ of the weekend seems to be that Facebook has ruined sharing and maybe crossed the ‘freaky‘ line.
I think they have definitely earned the title of ‘buyer beware’ and lived up to the economic claim that there is no such thing as a free lunch. I don’t need Spotify, Runkeeper or the Wall Street Journal inside Facebook. I definitely don’t need to download an ‘app’ inside of Facebook to see an article. In fact, it makes me cringe. I think it sucks and is sneaky. All that said, plain and simple, Facebook has just not won me over (yet) and I have not figured out how to maximize the utility of what they offer. That is more about me than them. In the meantime, here is a picture I shared on the ‘ruined’ Facebook. I am sure it got liked a few times and hopefully will not wreck my son Max’s life.
When I think ruined, I think Wall Street. The housing industry is pretty ruined. Congress has an approval rating – if you believe anything you can read in the press – of 9 percent. That’s lower than the IRS. That is pretty ruined.
Your healthcare provider can ruin you, even though you pay them. Experian and Transunion are two companies that can RUIN you. Pure evil. I have always managed to underestimate their power. These two companies, which truly ‘own’ you, have a market cap of just $12 billion. They own the housing industry, the American economy and spend a hell of a lot more working your government than you can fathom.
Facebook owns nothing yet but somehow they have reached an $80 billion valuation. Good luck with that. What they own is pressure – valuation pressure. They will be public next year. In the meantime, Facebook is hiring. They are soldiering up. They are moving on Washington. They are coding like hell. They are relentless.
Facebook may be making some huge mistakes, but nobody can see how all this ‘Social Leverage’ will play out. The ones that are calling it today have been run over. If Facebook had been a public company the last two years, a lot of hedge fund managers and ‘journalists’ would be broke.
Eventually, someone will have called the top. I doubt that any publication, analyst or journalist will make a buck off it when they call it. Just a headline. Maybe a book.
My advice is to keep sharing and figure out your comfort zone. Invest your time in many platforms. The bullshit of you not having the time is absurd. Shut off your TV and cancel all your magazine subscriptions. You will find that hour a day to invest.