Because it’s going to get a lot worse. PR tip: 60 Minutes has a significantly larger audience (10mm+) than anything so far and will tease hearing. In addition, there are larger problems all coming at the same time. I’ll list them in no particular order:
https://twitter.com/ceciliakang/status/1444105977398235139
1 - Texas lawsuit names Sandberg for possible criminal market rigging. DOJ expected to take up after new AAG expected to be confirmed this month.
2 - FTC just sued to break up their company into pieces. State AGs from every state in America are appealing to have their suit refiled.
3 - District of Columbia AG is deep in discovery for a case involving cover-up by top four execs and on Thursday asked to expand discovery to critically important Growth and Monetization team. This would be very bad for FB.
4 - State of Rhode Island and other pension funds filed new lawsuit last month including insider trading claims and asking for relief including governance changes among other things and exposes super sensitive comms involving and makes key board members including Thiel.
5 - Congressional select committee has requested and will subpoena a significant trove of documents related to an insurrection on 1/6.
6 - lawsuit in California is slowly unsealing evidence in a fraud claim for misleading on duplicate and fake accounts which exposed comms of COO, CFO and likely caused sudden exit of top longtime marketing executive once her comms were exposed.
7 - arguably the most important tech dependency for Facebook, Apple, its most valuable ARPU in its most valuable nation, kneecapped its data surveillance and its first earnings with significant impact is this month.
8 - Irish regulator is starting to enforce against Facebook for privacy violations and its legal basis for exchanging data across apps and oceans has been ruled invalid.
9 - California AG starting to enforce against its new privacy law and Facebook’s collection and use of data across more than eight million sites is pretty clearly illegal.
10 - it has no monetization scheme for WhatsApp as public concern and regulators have rejected its planned bait and switch to leverage data and target ads.
11 - investors are starting to question its family metrics and whether they cover up problems in the blue app and artificially boost perception of healthy grow dependent on Instagram which is very much in the spotlight.
12 - advertisers and consumer groups are threatening boycotts again as the company faces renewed scrutiny from massive leak of documents by whistleblower.
13 - it’s finding it difficult to know who to trust. So much so that a highly questionable but loyal lieutenant is being put into the CTO role and one would expect Elliot Schrage is still involved in trying to help defend company three years after taking fall for Definers.
14 - European Competition office is reported to be investigating and preparing lawsuit against company.
15 - European Union is preparing and finalizing legislation, Digital Markets Act, directed specifically at Facebook and a handful of companies.
16 - German competition office has ruled Facebook needs to cease combining data across Facebook’s family of apps and the rest of the internet. Under appeal.
17 - This just what we know. Sunday tv and Tuesday hearing being a lot Lee risk than upside.
And I’ll add (sorry for typo above), it’s not actually all we know - we do know more. But this is what is clear in the press and public record and on similar footing to the last few weeks.
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