EfficientEconomy Efficiency is in your hand
Disaster struck the world’s biggest social network on October 4th when Facebook and its sister apps were knocked offline for six hours. It was one of the less embarrassing moments of the company’s week. The next day a whistleblower, Frances Haugen, told Congress of all manner of wickedness at the firm, from promoting eating disorders to endangering democracy. Some wondered whether the world would be a better place if the outage were permanent.
A share of the opprobrium heaped on Facebook is incoherent. Politicians are angry but so far seem incapable of co-ordinating reform to rein it in. And investors have kept buying the stock, regardless of the bad headlines. Yet the company should take no comfort from this. The blind fury unleashed shows that its reputational problems have got out of hand.
ECCONOMIST
