July 18, 2019

The Internet vs. Facebook

“Dear Mr Zuckerberg:

I read with great interest your post Monday on Facebook celebrating 15 years of helping people connect with others through a series of frames on a blue background.

Let me add my name to the list of those who are impressed with what you have built. Driven by a set of ideals and some clever code, you steadily built a money machine that has also accumulated remarkable influence around the world.

I urge people to consider these numbers when pondering the power of Facebook: 2.3 billion users writing in more than 100 languages; almost $17bn in revenue in just the fourth quarter of 2018; almost $59bn in revenue for all of 2018; a market capitalization of $484bn in January 2019. You built all of this in a mere 15 years. Those are stunning numbers, and they speak to the talents of you and your employees.

That’s why I’m struck by your Facebook post. You seem not to acknowledge how much power you have accumulated, nor the extent to which you represent a club of billionaires and companies that have steadily concentrated their power over the past 50 years, with a steady acceleration of that concentration over the past 15 years.”

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