Facebook: The 2019 Feel-Good Tour

Facebook: The 2019 Feel-Good Tour

Mark Zuckerberg was back on Capitol Hill last week, testifying before Congress about the proposed cryptocurrency, Libra.

“I don’t control Libra” was the central theme of the Facebook  CEO’s testimony,” according to TechCrunch. “The House of Representatives unleashed critiques of his approach to cryptocurrency, privacy, encryption and running a giant corporation during six hours of hearings. Zuckerberg tried to assuage their fears while stoking concerns that if Facebook doesn’t build Libra, the world will end up using China’s version.”

Paranoia sometimes does work but wait! There’s more! Reports AdAge, Facebook News debuts with ‘free money’ for publishers…”as the social network rolls out a dedicated journalism hub, paying publishing partners for ‘high-quality’ content.”

While he didn’t add anything new to the Libra narrative, his Washington visit proved to be the first leg of his latest PR tour, promoting good will by announcing – wait for it! – that Facebook will actually pay news organizations for their content by, we assume, allowing them to keep a greater share of the ad revenues from which Facebook has been so richly profiting lo these many years. Note to self: Facebook has declined to release the terms of the deal. Millions were promised by the platform, but Zuck did also add that it was a “multiyear” financial commitment.

Says AdAge, “Facebook has proved frustrating for many media companies, despite all the products. Publishers have been critical of Facebook, Google, Apple and others for making billions of dollars from services that thrive on their content without sharing much of the spoils.”

Publishers should be very careful to read the Facebook fine print. Once again, let’s connect the dots:

  1. Facebook has a trust issue
  2. Facebook is bound and determined to see Libra out in the world and has a history of saying anything to make sure that Zuckerberg will ultimately get what he wants
  3. Zuckerberg needs the good will of the press to not only help with Libra but also with…
  4. Antitrust issues that are now being examined by no less than 47 attorney generals

While there’s no doubt that Facebook will play nice and do whatever it needs to do in order to placate both the press and legislators, the behemoth has a long history of recidivist behavior, reverting back to its less-than-acceptable ways as soon as the (favorable) decision comes down, the heat is off – and one more obstacle is out of its path towards world domination.

Libra is different and potentially far more dangerous than anything we’ve witnessed from Facebook to date, in terms of ransacking and/or appropriating verticals. While Zuckerberg may claim that Facebook will take a hands-off approach in terms of Libra, there is nothing in the company’s or its founder’s history that would lead us to believe him. Interesting that his so-called pivot in placating the press (time will tell) comes on the heels of Libra partners Ebay’s, Mastercard’s, Stripe’s and PayPal’s withdrawal from the project.

Enter Zuckerberg’s new initiative, which one executive was quoted as calling “free money.” Seriously? So, how long has Facebook had its hand in your till? And lest we forget, as easily as Facebook may giveth, they may just as quickly and without hesitation taketh away.

Forest through the trees: as always, Facebook has its eye on the bigger prize and the long-term picture: crypto and planting its stake in the global monetary system itself. Everything else is window dressing and with Facebook potentially in control of – or at least, given its huge social footprint, with an unmistakably overwhelming stake in – those markets, like future money itself, anything Zuckerberg states in the press today is not worth the paper it’s printed on. Onward and forward.

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