👋🏽 @nickclegg@andymstone, your BS blog post yesterday attacking GREAT journalism led to this newsletter gem going out to nearly every major marketer. Carolyn Everson would have advised you it would backfire with advertisers who trust WSJ but she is no longer there to protect. /1
I mean this is about as scorching as I’ve ever seen. “Thoroughly corrupt” and “rotten to the core” doesn’t seem like a good place for a brand to me. I mean @AdContrarian writes and I quote, “Dude, your company is a shit factory and you are a clown.” /2
Here is the full newsletter. Just take it from me, MPK may all read Stratechery and whatever else makes them feel ok but this newsletter gets read widely by CMOs and is a disaster coupled with WSJ headlines all week. Cover-ups always end up bad. /3 createsend.com/t/d-DCAA738102…
this is, of course, on top of the calls for criminal charges on cable TV yesterday. /4
Anyway, the whole fight back approach Mark and close advisors pushed for just wasn’t right for the moment. Especially against a series led by a journalist whose last major investigation contributed to Paul Manafort’s prison time. My two cents. Take it or leave it. /5
and apologies for the language in my feed. I try to avoid it and keep this PG here but sometimes a quote is a quote and the most accurate description of the situation. /6
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!!! news. mother of all lawsuits quietly filed last month vs Facebook in Delaware. I'll explain why it avoided notice until now in a bit but Zuckerberg, Sandberg, CFO, board inc Peter Thiel and Palantir are defendants - it's a result of sealed docs between FB execs and board. /1
Major new plaintiff allegations - many long concerning:
1 FB spent billions to protect Zuckerberg personally
2 claims "epic corporate governance breakdown"
3 adds list of "insider trading" defendants
4 documents Zuckerberg misled Congress /2
It's a whopping 390 pages and there is a related 220 page suit filed in same court on the same day. Together they bring the kitchen sink on allegations as to how the platform gained market power, failed its 2012 FTC Consent Decree, covered-up and failed to disclose data harms. /3
Woah. This claim in must-read except from new book on Peter Thiel. We knew this secret meeting happened shortly after Zuckerberg's "free expression" speech at Georgetown. FB denies "agreement" happened - it would be an astounding abuse of market power by FB and Trump admin. /1
A reminder the secretive meeting happened as Facebook was receiving massive pressure to follow Google and Twitter's lead in banning micro-targeted political advertising on its platform particularly around misleading ads and messages breaking its policies. /2
This claim also significant and resurfaces why SEC needs to revisit its settlement. A reminder on reports that Peter Thiel's Palantir was involved in teaching Cambridge Analytica how to scrape data from Facebook's platform. Investors should be concerned. /3
“deliberate mischaracterizations” Facebook’s top global policy chief and disgraced parliamentarian is tripling down and impugning a significant number of top journalists holding his masters to account by implying motivations. Please don’t share his blog post. It’s garbage.
Spineless lieutenants.
Here are all of the reports so far which have drawn intense praise from many of the most respected journalists covering Facebook including those at competitive newsrooms. Read them and then judge Facebook comms cheap shots.
OK, I see we’ve left phase two where Facebook tries to pull in all of social media and now they’re turning it on the professional media creators. Listen, no doubt a free and plural media is messy and the public gravitates to channels they choose based on their trust. 1/3
But the independent media also broadcast out and provide for counter-speech and analysis. They do not provide accelerated velocity and reach by microtargeting into people’s attention based on likelihood to engage. They’re not at all comparable. 2/3
There are entire shows, columns and ad boycotts dedicated to criticizing what is on the air. I’ve seen networks get boycotted based on one show interviewing one person who also streams and gets promoted into social media feeds 24/7 by algorithms. Again, they’re different. 3/3
ok, I’ll bite - at the dinner table. You had this super broad exclusive interview with Sheryl Sandberg prior to launching your podcast in Feb 2020. Candidly, what do you think of her answers after the WSJ series this week?
I mean, looking back, this really really seems disingenuous considering her role and what we learned this week in WSJ’s Facebook Files. Right?
I mean Facebook is not remotely close to this now that we’ve seen the way they’ve operated behind the scenes, the research and policies they’ve had and ignored to protect the core biz model which you called out quite a bit.