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Facebook is projected to boost sales by 46 percent and double net income, but make no mistake: It had a terrible year. Despite its financial performance, the social media giant is facing a reckoning in 2018 as regulators close in on several fronts.
The main issue cuts to the core of the company itself: Rather than "building global community," as founder Mark Zuckerberg
sees Facebook's mission,
it is "ripping apart the social fabric." Those are the
words of Chamath Palihapitiya, the company's former vice president of user growth. He doesn't allow his kids to use Facebook because he doesn't want them to become slaves to
"short-term, dopamine-driven feedback loops."Palihapitya's criticism echoes that of Facebook's first president,
Sean Parker:
"It literally changes your relationship with society, with each other ... God only knows what it's doing to our children's brains."Facebook has reacted
nervously to Palihapitya's accusations, saying he hadn't worked at the company for a long time (he left in 2011) and wasn't aware of Facebook's recent initiatives.
But I can't see any practical manifestations of these efforts as a user who has drastically cut back on social networking this year for the very reasons cited by Parker and Palihapitya.To outsiders and regulators, Facebook looks like a dangerous provider of instant gratification in a space suddenly vital to the health of society. It's also making abuse and aggression too easy -- something the U.K. Committee on Standards in Public Life pointed out in a
report published on Wednesday. Sounding one of the loudest alarm bells on social media yet, the panel urged the prime minister to back legislation to "shift the balance of liability for illegal content to the social media companies."
Comment: Juanita Fitzgerald is celebrating her 94th birthday and most probably suffering from some degree of age related dementia. It's appalling she would have hand cuffs slapped on her and spend 5 days in the slammer. This is one example of how America takes cakes care of their elderly. Shameful.