Ahead of Quarterly Earnings Call, Real Facebook Oversight Board Urges Focus on Meta’s Global Harms: “Meta is Losing Money Because It’s Lost the World’s Trust”

Meta’s Inability to Pivot from Privacy Changes Imperils Shareholder Investments; Shows How Much Public Opinion Has Shifted

26 July 2022 — Ahead of Meta’s scheduled Quarterly Earnings call on Wednesday July 27th, the Real Facebook Oversight Board is making experts available for interviews and issued the following statement -

“As with other global technology platforms, Meta will likely show an earnings slowdown in their quarterly report tomorrow. For Meta, this is not just about global market trends — this is the chickens coming home to roost for the company’s bad acts, human rights violations, continued spread of disinformation and whistleblower violations.

Meta has lost the world’s trust, and the trust of its users.

We urge media and commentators not just to focus on revenue but on the real story of Facebook’s second quarter: Whitewashed human rights violations; blocking abortion content but still selling guns; platforming terrorists while failing to crack down on election disinformation.

Meta is also increasingly a risk for shareholders, as the company’s inability to pivot from the privacy violation gravy train imperils its bottom line. The $10b in lost revenue due to Apple’s new privacy policy speaks to how profoundly meaningful public policy to protect user privacy could undermine Meta’s business model. And Meta is facing a legal reckoning in a landmark court case over Cambridge Analytica.

Apple, of course, would not have made that move if the public sentiment had not shifted on privacy issues and FB’s business model. The walls are closing in on Facebook, driving up risk for investors and for global democracy.”

Real Facebook Oversight Board members are available for interviews. Statements do not reflect the individual positions of all Real Facebook Oversight Board Members. Contact us at media@the-citizens.com.