Surprised about Facebook stock falling almost 20% on disappointing earnings outlook? Investors seemed to be. But they shouldn’t. I hope I’ve been clear that I think Facebook is a bad acting company with a predatory organizational culture. Google exercises monopoly power that needs to be reined in. But it’s fundamentally different from Facebook, both in its actions, organizational culture and its effect on the larger civic and Internet ecosystems. I say all this just to put my cards on the table. But I think I’m on firm ground and cognizant of my biases when I say that Facebook’s business troubles are just beginning.
Here’s why.Read More →