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Notes -
What will become of Mark Zuckerburg's empire of shit?
I was recently thinking wistfully of the brief golden age of Facebook, and how it made me more connected to my social network. At one point, most of my friends and family posted updates about their lives. I knew all about my friends from high school and college. I even connected to members of my extended family. And I could easily ask questions to my network and receive answers. It was great.
That was a long time ago. Zuckerberg pissed it all away. At first, he tried to replace the news media. Later, when that failed, he went all in on maximizing ad revenue. Facebook is now a wasteland of ads, AI, and clueless boomers. Nearly 100% of its value proposition is gone. No one I care about posts there any more.
Zuckerburg did a few things right, all more than a decade ago:
He figured out that people will give you all their personal info for free and that this is worth a lot to advertisers. In his words, "they trust me, dumb fucks".
He made sure his voting shares didn't get diluted so he has, in theory, monarchal control of Facebook
He bought Instagram for cheap in 2012
He has reaped the rewards of these decisions handsomely and currently is the world's 4th richest person with a net worth north of $200 billion.
But what has he done more recently?
Bought WhatsApp for $19 billion and promised to never advertise on the platform. Even though he has broken the promise, it's unclear how they will ever recoup this
Blown tens of billions on the "Metaverse", a project which no one wants and has negative traction
Made "Stories", "Reels", and "Threads" – blatant knockoffs of existing products which failed to win in the marketplace
Made an open source LLM called LLAMA which was initially a success but has been blown out of the water by a Chinese startup that trained a superior model for just $6 million
I recently read the book "Titan", about John D. Rockefeller. Despite being history's greatest philanthropist, Rockefeller viewed Standard Oil as his real contribution to humanity. People take the wrong lesson from his life, which is generally viewed as "he did a bunch of evil shit to get rich but he gave it all away, so it's okay."
Bill Gates folllowed that model. Maybe Zuckerberg thinks the same way. But it's unlikely that anything he can do with his billions can undo the damage his social networks have done, and continue to do to the social fabric. The irony is that if he had just focused on making Facebook the best version of itself, he would probably be even richer today, and beloved for making the iconic product of the age.
But instead we have Instagram, Reels, and a bunch of other shit that just makes people miserable. Will it stand the test of time? I doubt it.
Hey now, they fund zstd. Is that not worth the rotting cerebral cortices of 30 million boomers?
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