Facebook and its owner Mark Zuckerberg have been under the microscope over their business practices since the fake news scandals broke during the elections of 2016. Zuckerberg is being portrayed by just about everyone these days as the ultimate example of corporate greed gone overboard. The New Republic has now even gone so far as to name him the scoundrel of the year for 2021. But at least he knows how to pick the right stocks, according to the Wall Street Journal at least.
So, what did the New Republic say?
“This push to transcend the world that Facebook has befouled and create a new, virtual one can be read in a sense as a response to the 10,000-page Facebook Papers leak, which demonstrated both the extent to which Zuckerberg’s own criminal indifference and Facebook’s inability to police its own sprawl have made the site a malignant metastatic force in countries around the world. Again, it doesn’t matter.”
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“Here is a man who got unconscionably rich off the worst website that has ever existed,” said the New Republic, “a website that has broken brains on a scale previously unimaginable in human history, and here is his stupendously wack vision for the future—and everyone is just going to have to deal with it.
The publication also exclaimed that there are many things to abhor about Mark Zuckerberg and all of the things that he has done. But the worst It said is that the “fundamental mediocrity of it all—the lack of vision, the absence of any moral sense or shame, the inability and unwillingness not just to fix but even reckon with the dangerous and ungovernable thing he’s made is what feels both most egregious and most of this moment.”
Facebook is not just a bad website, but a company that has shown itself willing to do the wrong thing whenever and wherever given a choice, writes @david_j_roth. https://t.co/Xv2HB5uL8S
— The New Republic (@newrepublic) December 28, 2021
Wow! So why don’t you tell us what you really think?
The point here is that maybe you could excuse what Mark Zuckerberg did with all of the targeted advertising and allowing anything and everything to proliferate on Facebook – regardless of truth or racist content – as just smart business and. But as more and more revelations are made about how the people at the top of the company just do not seem to care about all of the destructive things that it does, it has gotten harder to give Zuckerberg the benefit of the doubt.
The publication also called Facebook a bad website and that it always chooses to do the wrong thing.
But the Wall Street Journal, for its part, advises people to follow Zuckerberg’s example when it comes to investments. “Every major corporate CEO in America should follow Mr. Zuckerberg’s example,” declares the Journal.
“Mr. Zuckerberg trades shares in his company each trading day, ensuring that his diversification is done randomly and avoiding any possibility that he benefits from insider information. More executives should follow his lead, and the Securities and Exchange Commission might be smart to mandate they do,” said the Journal.
The Journal explained that since so many corporate executives get compensated with stock, they need to then sell some of it off for the cash and also to diversify their portfolios. But it is difficult for a CEO to sell off shares in his own company because it might lead to people thinking that they know something negative and so are dumping their stock for that reason.