Why did this happen? Who is responsible? Has the bell tolled for Big Tech?
Photo-Illustration: Intelligencer; Photo: Getty Images This story has been updated to include more details on Snap’s and Amazon’s earnings and an interview with Wharton Professor Ron Berman.
To answer that last question first, yes and no. Many of Facebook’s problems are of Zuckerberg’s own making. It wasn’t even six months ago that the billionaire tech developer decided not only to change the company’s name but to go even further — to hijack its reason for existing and create a whole new digital reality, the metaverse, amid one of the most damaging, long-lasting scandals of the company’s existence right here on planet Earth.
How hard is anyone’s guess, but it won’t be overnight. As a result of Apple’s ad-tracker-blocking feature “and other privacy initiatives that are imminent,” Eric Benjamin Seufert wrote on the tech blog Mobile Dev Memo, “Meta’s advertising infrastructure must be replaced completely.” Basically, Seufert argued, Meta executives have to change their entire advertising system — the whole reason the company was considered so bulletproof just a few years ago.
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