Last week, Facebook’s stock price lost a staggering $120B in 24 hours, the largest one-day drop in US history. To put that in perspective, that’s more than the entire annual global market for cheese.
While many are attributing this to the increasing recognition of the damage that Facebook’s business model does to society, the reality is that this is a market reaction to their slowed growth. Essentially, saturation has begun in their most profitable markets, and there’s less likely profit to be driven from the remaining markets where there’s still growth potential.
But let’s not forget about that societal harm. John Oliver, as always, cuts to the chase in the video below (warning: some language in there that’s not safe for work, so put on your headphones). Oliver takes on Facebook’s seemingly disingenuous apology ads, noting that Facebook is simply, “doing what it was built for,” which is to be, “history’s most profitable data harvesting machine.”