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Unless you went completely offline yesterday, you have probably heard at least something about Zuck’s testimony. Here’s everything you need to know, in under 5 minutes.


Positive.


Facebook stock performed very well, up 4.5%, as Zuckerberg showed he was as prepared as someone can be in his position. No major slips.

Small number of Democrats and Republicans pushing other issues such as diversity and censorship of conservative views.

"Clueless fossils question Zuck"

It did feel too often that Senators had little understanding of how FB works to legislate. Two own comments on this:

1. That’s one reason Zuckerberg was there - to clarify the many questions they have.


2. This was a public hearing - we’re sure more than one Senator asked questions "for the average American".

We’re sure the average American, or any other nationality, does not understand how FB works. This made many Senators look dumb and clueless.


Zuck wants regulation… The right kind of regulation.

He thinks GDPR is good and is supporting the Honest Ads Act. He confirmed FB will implement that legislation on the platform. Twitter is also on board for that.


Senator Sullivan nailed it with regulating the smaller competitor out of the market. "How do you get the next FB if we regulate too much?".

Zuckerberg is aware of the issue. To paraphrase, he said that a company the size of Facebook will have the necessary resources to implement what is needed while small ones might indeed struggle.
How will Facebook make sure CA and IRA doesn’t happen again?

20,000 people on content review, and AI tools. AI is not there yet, Zuck’s estimate is 5-10 years but FB is investing heavily into that.

Is Facebook a monopoly? Senator Graham seems to think so.

He tries to use a car analogy - "If my Ford doesn’t work, I can buy a Chevy"

We think it isn't.


While Facebook is very powerful, it offers several services and it does have competitors in those individual services. In other words, Facebook is not just a "car company".

Tesla is perhaps a better analogy. Tesla offers cars, charging stations, solar roofs, powerwall, solar panels, batteries, etc.


Facebook Inc. also offers several services, through different brands (Facebook, Instagram, WhatsApp, Oculus VR, etc).

There are companies that offer all that, or parts of it, with varying degree of success. Google is certainly one of those. Apple, Amazon (don’t forget they own Twitch), Microsoft (they own LinkedIn), Twitter and Snap have a big overlap too.

Facebook is just doing a good job. Like Amazon, they are fighting hard to get the best user experience to the customer.

It’s not like it’s the only railroad business that you cannot avoid, plenty of services around to avoid FB if you really want to.

What next?

This was just the first part. There is another hearing happening today - you can catch it live right here.

It starts at 14:00 GMT.

POOLSIDE CHAT
Cool tech, business, lifestyle and all the other things affiliates like to chat about while sipping cocktails by the pool.
Bloopers, memes and fun stuff from the hearing..

Facebook's terms of service when printed

Senator Hatch asks: "How do you sustain a business model in which users don’t pay for your service? "
Mark: *pause*
Mark: "... Senator, we run ads"
Senator Hatch: "I see."

Senator Kennedy: "I say this gently... Your user agreement sucks!"
Everyone: *LOL*

Need a boost, Mark?
The Facebook Apology Tour
 
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