There’s so much to unpack in this Stratechery piece (as usual).
There’s the (correct) assertion that media companies’ quest for social media engagement has led them into the very spiral that journalism professors have warned of since journalism professor first became a career option — you have to write stories about boring things AND things people want to read, else you become irrelevant (though it’s usually couched in terms of metaphorical vegetables and candy).
And there’s the ever-salient point that the reason you can’t trust the markets to regulate corporate behavior on their own is because the markets don’t care about anything other than making money, which is almost never a proper goal in and of itself:
” … there is no incentive for Facebook to do any of this … the company is heavily incentivized to be perceived as neutral by all sides; anything else would drive away users … any move away from a focus on engagement would, by definition, decrease the time spent on Facebook …”
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Peter Thiel is doing yeoman’s work in reminding us that just because someone is a billionaire doesn’t mean they’re smart. I think Steve Jobs, Bill Gates and Elon Musk really wrecked our collective cultural curve on that.