I don’t think Sheryl Sandberg, whose unofficial title at Facebook was “the adult in the room” to keep CEO Mark Zuckerberg in check, will be at the social media company in 2019.
Given the turmoil in the company as shares have crashed 35% over the last four months, Sandberg will be used as scapegoat for creating all the drama at Facebook and its ties to Democrats.
Facebook directors have to be devising an exit plan for Sandberg, which may play off of her ties to Washington — saying she wants to be involved in 2020 election in some capacity — to ease her out.
The narrative published Monday in the Wall Street Journal that said Zuckerberg is a war and gathered 50 of his top lieutenants to take on the enemy within the company was the first shot in the “Berg War”.
If you believe the narrative, which I don’t, that Zuckerberg was a hacker in a hoodie and Sandberg was brought in to run the day-to-day operations, then the adult in the room brought her Democratic colleagues in the Senior Executive Service from Washington to use the service to further the liberal agenda.
None of the negative spin will be brought up in her exit narrative, unless Sandberg digs in her heels over having to take the rap for the stock carnage and political woes.
Look for Sheryl to lose the Berg War and surrender in mid-December with announcement made on a Friday afternoon to blunt news impact and reaction.
The subsequent stock pop on Sunday night futures market will tell you who the Street backs.
So Facebook’s Sheryl Sandberg and Twitter’s Jack Dorsey walk up that long staircase to the principal’s office today to tell Congress their companies are not:
offshoots of secret DARPA projects
While none of that is true Sandberg and Dorsey have the decency to show up. Google did not wish to have its CEO defend the company and said it would send a lawyer/policy wonk in his stead.
In fact Dorsey is the only CEO as Sandberg is only the adult in charge over Mark Zuckerberg.
What must end, but won’t as a result of this hearing is the absolute power these and other Silicon Valley firms have over amassing data on Americans. The idea that a curiosity on beekeeping can follow you across the net for several days as you look at different sites on different devices only scratches the service of what social media/government knows about us.
Without any need to notify us except with a 400-page Terms and Conditions document you must check when you sign up to say you understand your privacy is lost.
California Senator Nancy Pelosi appears to be the guardian of Silicon Valley and its hundreds of thousands dollars in donations for her campaigns and private foundation. Pelosi went so far as getting on Twitter to mock her Republican colleagues who were complaining of being shadowbanned by tweeting that they just did not know how to use the service.
I don’t expect much from this testimony except to get the execs on the record with testimony that can then be used by anti-trust officials either in the Justice Department or the Federal Trade Commission to look into their operations further, which will occur in 2019.
No the big fireworks will happen down the hall either Wednesday or Thursday when, I believe, Representative Devin Nunes begins reading the unredacted FISA application into the Congressional Record.
This de-clas sets off the beginning of an avalanche that will see many indictments unsealed by Federal Attorney John Huber’s office.
I’m not sure the Facebook stock price carnage — slashing $132 billion off market cap — can all be attributed to its missing on the top line in its earnings Wednesday.
Revenue was light compared to what the street expected but Facebook slightly beat on the bottom.
CEO Mark Zuckerberg saw a $16 billion hit on his own stake, despite selling stock on almost a daily basis during the quarter.
No I’m more focused on the chief legal council announcing he would leave the firm before year’s end. The reason appears to be along the lines of wanting to spend more time with the family.
While many believe that Zuckerberg skated by Congress in his testimony over the Cambridge Analytica’s use of FB data in the run up to the 2016 presidential election, I believe there could be a gathering storm for the dear boy with criminal charges being brought for lying to Congress as well as conspiring to sway an election.
I don’t say this on a lark. Sources tell me that after the Congressional August break Zuckerberg may be spending more time in Washington DC than Menlo Park, CA.
As I told you Mark Zuckerberg confessed Wednesday that 87 million users had their privacy violated in the Cambridge Analytics 2016 presidential election more than the initial reported 50 million users.
Interestingly, Cambridge Analytics claimed yesterday that they only “scraped” 30 million users. Continue reading →
Silicon Valley could do nothing wrong for the last decade.
New technology, products, apps and personalities took shares to all-time highs. The FAANG stocks (Facebook, Apple, Amazon, Netflix and Google) forced the Nasdaq to blow past its Internet Bubble highs. (BTW, not a fan of Alphabet rebranding).