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Zuck adds $3B to his bank account, rethinks Facebook mission statement

(BUSINESS NEWS) Zuck just plopped a cool $3B to his bottom line and is rethinking his company. What’s next?

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zuckerberg manifesto

Stocks ticking upward

Facebook founder Mark Zuckerberg isn’t just making it rain — he’s swimming in a torrential monsoon of dollar signs. Zuckerberg just added almost $3 billion to his net worth as Facebook’s shares rose, locking the social media behemoth in as Number 2 in the mobile advertising market, with Google at the top. Aftermarket trading brought Zuckerberg’s fortune to almost $59 billion, making him the 5th richest person on the Bloomberg Billionaires Index.

While Zuckerberg is rolling in the Benjamins, he’s also rocking in self-reflection.Click To Tweet

Last week he shared the founder’s letter he wrote 5 years ago, along with a hint at what’s to come: “I’m almost done writing a new letter about how I see our community and our role evolving, and I’ll share it soon,” he wrote.

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Evolving with the world

Perhaps it’s about time for a founder’s letter 2.0. Facebook’s mission statement has evolved slowly throughout the years, and understandably so, as the company itself has completely redefined the nature of social interactions across the globe.

2004:  “Thefacebook is an online directory that connects people through social networks at colleges.

2008:  “Facebook helps you connect and share with the people in your life.”

2009:  “Facebook’s mission is to give people the power to share and make the world more open and connected.”

That last one stuck, and until recently has covered all the bases of what Facebook is all about. However, in recent years, the social network’s influence has grown as explosively as its creator’s wealth — but this was all part of the plan.

Expanding the tech

After Facebook’s IPO in 2012, Zuck’s letter outlined Facebook’s purpose, comparing the platform to revolutionary technologies like the printing press and the television.

Facebook was built, according to Zuckerberg, to accomplish a social mission, to help people “once again transform many of our core institutions and industries.”

In the spirit of transformation, Facebook has lately been playing with various new media, like video and virtual reality. It’s also become one of the most influential news sources, with its massive audience of 1.79 billion users and easy sharing capability.

Value constants

Facebook was created to be constantly reinvented. As the platform has changed, its 5 core principles have held firm:

  1. Focus on impact.
  2. Move fast.
  3. Be bold.
  4. Be open.
  5. Build social value.

So how will the social media king address his ever-growing empire? What will Zuck unveil in his next founder’s letter? The public will either love it or hate it, respect it or tear it to shreds. Either way it’s sure to be dramatic, so stay tuned.

#Zuck

Helen Irias is a Staff Writer at The American Genius with a degree in English Literature from University of California, Santa Barbara. She works in marketing in Silicon Valley and hopes to one day publish a comically self-deprecating memoir that people bring up at dinner parties to make themselves sound interesting.

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Social Media

Instagram announces 3 home feed options, including chronological order

(SOCIAL MEDIA) Instagram is allowing users to choose how their home feed appears so they can tailor their own experience… and chronological is back!

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Instagram home feed options

Break out the bottle of champagne, because they are bringing back the chronological order in Instagram!

About time, right? Well, that’s not all. Per Protocol, Instagram has announced that they are rolling out three feed options in the first half of 2022. What?! Yes, you read that right.

3 New Feed View Options

  1. Home: This feed view should feel familiar because it’s the algorithm you already use. No changes to this view.
  1. Favorites: This feed view option presents a nice and tidy way to view creators, friends, and family of your choosing.
  1. Following: Last, but not least, is my favorite re-boot, the chronological view of every account that you follow.

Per Protocol, recent legal allegations have been made that Instagram and Facebook have been prioritizing content viewed as harmful in the algorithm and specifically in Instagram. Instagram is widely believed to be harmful to teens. Per the American Psychological Association, “Studies have linked Instagram to depression, body image concerns, self-esteem issues, social anxiety, and other problems”.  They have been under scrutiny by lawmakers and in response are posing the chronological feed as a solution.

However, this won’t fix everything. Even if the algorithm isn’t prioritizing harmful posts, those posts will still exist and if that account is followed it can still be seen. The other issue with this solution is the knowledge that unless Instagram lets you choose your default feed view, they could still cause the algorithm view to be the automatic view. Facebook doesn’t allow you to make the chronological feed your default view. This means you would need to choose that view every time. This bit of friction means there will be times it is overlooked and some may not even know the functionality exists. Knowing this information about Facebook, prepares us for what’s to come with Instagram. After all, Facebook, or Meta, owns both.

While as an entrepreneur, the chronological view excites me, I know the reality of it being used is questionable. I would love to know others can see the products and services I offer instead of hoping that Instagram finds my content worthy to share in the algorithm.

As a human being with a moral conscience, I have to scream, “C’mon Instagram, you CAN do better!” We all deserve better than having a computer pick what’s shown to us. Hopefully, lawmakers will recognize this band-aid quick fix for what it truly is and continue with making real changes to benefit us all.

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Facebook’s targeting options for advertising are changing this month

(SOCIAL MEDIA) Do you market your business on Facebook? You need to know that their targeting options for ads are changing and what to do about it.

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Laptop on lap open to Facebook page representing ad targeting.

Meta is transforming Facebook’s ad campaigns beginning January 19th. Facebook, which has been infamously battling criticism regarding election ads on their platform, is revising its limited targeting ad campaigns. Per this Facebook blog post, these changes eliminate the ability to target users based on interactions with content related to health (e.g., “Lung cancer awareness”, “World Diabetes Day”), race and ethnicity, political affiliation, religious practices (e.g., “Catholic Church” and “Jewish holidays”) and sexual orientation (e.g., “same-sex marriage” and “LGBT culture”).

These changes go into effect on January 19, 2022. Facebook will no longer allow new ads to use these targeting tools after that date. By March 17, 2022, any existing ads using those targeting tools will no longer be allowed.

The VP of Ads and Business Product Marketing at Facebook, Graham Mudd, expressed the belief that personalized ad experiences are the best, but followed up by stating:

“[W]e want to better match people’s evolving expectations of how advertisers may reach them on our platform and address feedback from civil rights experts, policymakers, and other stakeholders on the importance of preventing advertisers from abusing the targeting options we make available.”

To help soften the blow, Facebook is offering tips and examples for small businesses, non-profits, and advocacy groups to continue to reach their audiences that go beyond the broad targeting of gender and age.

These tips include creating different types of targeting such as Engagement Custom Audiences, Lookalike Audiences, Website Custom Audiences, Location Targeting, and Customer Lists from a Custom Audience.

Here’s the lowdown on how it will happen.

Per the Search Engine Journal, changes can be made to budget amounts or campaign names without impacting the targeting until March 17th. However, if you go to change the ad set level that will then cause changes at the audience level.

If you need to keep that particular ad to reuse, it may be best to edit the detailed targeting settings before March 17th in order to ensure you can make changes to it in the future.

I believe it was Heraclitus that declared change is constant. Knowing this, we can conclude other social platforms may follow suit and possibly adjust their targeting in the future as well.

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Hate speech seemingly spewing on your Facebook? You’re not wrong

(SOCIAL MEDIA) Facebook (now Meta) employees estimate its AI tools only clean up 3%-5% of hate speech on the platform. Surprise, Surprise *eye roll*

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Facebook being crossed out by a stylus on a mobile device for hate speech.

As Facebook moves further toward Zuckerberg’s Metaverse, concerns about the efficiency with which the company addresses hate speech still remain, with employees recently estimating that only around 2% of offending materials are removed by Facebook’s AI screening tools.

According to Wall Street Journal, internal documents from Facebook show an alarming inability to detect hate speech, violent threats, depictions of graphic content, and other “sensitive” issues via their AI screening. This directly contradicts predictions made by the company in the past.

A “senior engineer” also admitted that, in addition to removing only around 2% of inappropriate material, the odds of that number reaching even a numerical majority is extremely unlikely: “Recent estimates suggest that unless there is a major change in strategy, it will be very difficult to improve this beyond 10-20% in the short-medium term.”

The reported efficacy of the AI in question would be laughable were the situation less dire. Reports ranging from AI confusing cockfights and car crashes to inaccurately identifying a car wash video as a first-person shooting are referenced in the internal documents, while far more sobering imagery–live-streamed shootings, viscerally graphic car wrecks, and open threats of violence against transgender children–went entirely unflagged.

Even the system in which the AI works is a source of doubt for employees. “When Facebook’s algorithms aren’t certain enough that content violates the rules to delete it, the platform shows that material to users less often—but the accounts that posted the material go unpunished,” reports Wall Street Journal.

AI has repeatedly been shown to struggle with bias as well. Large Language Models (LLMs)–machine-learning algorithms that inform things like search engine results and predictive text–have defaulted to racist or xenophobic rhetoric when subjected to search terms like “Muslim”, leading to ethical concerns about whether or not these tools are actually capable of resolving things like hate speech.

As a whole, Facebook employees’ doubts about the actual usefulness of AI in removing inappropriate material (and keeping underage users off of the platform) paint a grim portrait of the future of social media, especially as the Metaverse marches steadily forward in mainstream consumption.

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