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Are the 'good times' over for FACEBOOK?

By Geetika Raleh . 19th October 2019 05:04pm
Are the 'good times' over for FACEBOOK?

Mark Zuckerberg, Facebook CEO has claimed that the social media platform is now the ‘Fifth Estate’ in the world along with traditional news media. With this, the people will no longer have to depend on the traditional watch-keepers in politics or media for making their voices heard.

During a speech at Georgetown University in Washington DC on Thursday he further said the social media platforms have redistributed the power by giving it completely in the hands of the people.

 Zuckerberg said, “People having the power to express themselves at scale is a new kind of force in the world — a Fifth Estate alongside the other power structures of society.”

He further added, I understand the concerns about how tech platforms have centralised power, but I actually believe the much bigger story is how much these platforms have decentralised power by putting it directly into people’s hands. It’s part of this amazing expansion of voice through law, culture and technology.

If on one hand the CEO is celebrating becoming the ‘Fifth Estate’, on the other hand, Facebook has lost its firm place among the world’s top 10 most valuable brands among the Interbrand’s yearly ranking of best 100. Now at 14th spot, the social networking giant was at 8th place in the same list.

The list is led by Apple, which is then followed by Google, Amazon. Microsoft held the fourth place, Coca Cola fifth and sixth rank was held by Samsung. Toyota grabbed the seventh spot, Mercedes eighth, McDonalds ninth and the tenth place was bagged by Disney.

The US based Salesforce CEO Marc Benioff has claimed Facebook to be the ‘new cigarettes’ which is making the young generation addictive. Benioff also added that the firm should be held responsible for this.

Many other lawyers like Senators Kamala Harris and Elizabeth Warren have also been raising their voice for breaking up the giant social media handle.

Approximately 40 lawyers have decided to raise their voice against the anti-competitive business practices of Facebook.

Ponemon Institute in 2018 conducted a survey according to which the confidence of the Facebook users dropped by 66% after the Cambridge Analytical data outrage. 28% of the users believed that the firm is committed in regards to the privacy.