On Thursday, July 27, 2017, Facebook’s stock jumped nearly 7% in pre-market hours on news of earnings beating estimates and higher numbers of active users.
Good news for stock speculators, bad news for society.
Facebook, in my opinion, is the most unethical of the big “FANG” tech stocks. It’s a company whose chief product is literally people’s private information to be sold to big corporations and corrupt governments. It’s a company whose business model should fail spectacularly when its users come to their senses. However, a rising Facebook stock price has much more sinister correlations.
I’ll leave it up to Computing Forever’s well-reasoned videos that share my sentiments about the “social media bubble” to explain how rising social media stock prices are correlated to degenerate, anti-social behavior such as narcissism, groupthink and detachment from reality:
I quit Facebook over seven years ago coming to the same conclusions as Computing Forever. Technology can be great when it is used to advance the human condition. Facebook and social media is the metaphorical “atom bomb” of the new millennium — a highly destructive technology that serves to destroy humanity, perhaps not physically, but psychologically.