Showing posts with label Chamath Palihapitiya. Show all posts
Showing posts with label Chamath Palihapitiya. Show all posts

Thursday, March 15, 2018

Facebook ‘Hid Webpages’ And Bragged About Ability To Influence Elections


While many leftists in the United States are still screeching about “election meddling” by Russia, they may want to take a long look at Facebook.  The social media giant actually hid webpages and bragged about its ability to influence elections.


According to The Intercept, when Mark Zuckerberg was asked if Facebook had influenced the outcome of the 2016 presidential election, the founder, and CEO dismissed the notion that the site even had such power as “crazy.” It was a disingenuous remark. Facebook’s website had, in fact, an entire section devoted to touting the “success stories” of political campaigns that used the social network to influence electoral outcomes. That page, however, is now gone, even as the 2018 congressional primaries get underway.


On the heels of a public reckoning with Facebook’s unparalleled ability to distribute information, obvious censorship, and global anxiety over election meddling, bragging about the company’s ability to run highly effective influence campaigns (propaganda campaigns) probably doesn’t look very good for Facebook.


The social media giant’s “success stories” page is a monument to the company’s dominance of online advertising. It provided users with examples from almost every imaginable industry of how the use of the social network gave certain players an advantage. “Case studies like these inspire and motivate us,” the page crows. Current examples include CoverGirl (“promoting a beauty brand makeover with video ads on Facebook and Instagram”) and Tropicana (“Facebook video ads elevate fruit juice brand awareness”). Not so controversial…anymore.  Because Facebook hid the part where they influenced elections.


The case studies that Facebook used to list from political campaigns, however, included more interesting claims. Facebook’s work with Florida’s Republican Gov. Rick Scott “used link ads and video ads to boost Hispanic voter turnout in their candidate’s successful bid for a second term, resulting in a 22% increase in Hispanic support and the majority of the Cuban vote.” Facebook’s work with the Scottish National Party, a political party in the U.K., was described as “triggering a landslide.”


The “success stories” drop-down menu that once included an entire section for “Government and Politics” is now gone. Pages for the individual case studies, like the Scott campaign and SNP, are still accessible through their URLs, but otherwise seem to have been deliste


The “success stories” drop-down menu that once included an entire section for “Government and Politics” is now gone. Pages for the individual case studies, like the Scott campaign and SNP, are still accessible through their URLs, but otherwise seem to have been delisted. -The Intercept


Photo Credit: The Intercept


When asked about the deleted section titled “Government and Politics,” which is removed completely from the site, Facebook did not reply.


As many complain that their elections are being meddled with, they miss the big picture.  A former Facebook executive actually admitted that the social media giant is using its power to “program” the behaviors of its users.


Chamath Palihapitiya admitted that social media is “programming” the behaviors of users. “Your behaviors—you don’t realize it but you are being programmed. It was unintentional, but now you gotta decide how much you are willing to give up, how much of your intellectual independence,” he told the students in the crowd. “And don’t think, ‘Oh yeah, not me, I’m fucking genius, I’m at Stanford.’ You’re probably the most likely to f*cking fall for it. ‘Cause you are f*cking check-boxing your whole Goddamn life.” –SHTFPlan


“You can sway a thousand men by appealing to their prejudices quicker than you can convince one man by logic.”

― Robert A. Heinlein, Revolt in 2100/Methuselah’s Children

Saturday, December 16, 2017

Facebook Really Is Bad For You, Researchers Say

Apparently, Chamath Palihapitiya was on to something when he revealed earlier this week that he felt “tremendous guilt” for the role that he played in Facebook’s success as a social-media company.


To wit, Facebook"s director of research David Ginsberg and research scientist Moira Burke published a blog post this week explaining that, in some instances, the social network can have a deleterious impact on an individual’s overall mood and health.


"University of Michigan students randomly assigned to read Facebook for 10 minutes were in a worse mood at the end of the day than students assigned to post or talk to friends on Facebook," the blog post said. "A study from UC San Diego and Yale found that people who clicked on about four times as many links as the average person, or who liked twice as many posts, reported worse mental health than average in a survey."



In other words, using Facebook to mindlessly browse through your feed or click posts can leave you in a foul mood after.


However, the research wasn’t exclusively negative. Facebook also worked with Carnegie Mellon University and found that "people who sent or received more messages, comments and timeline posts reported improvements in social support, depression and loneliness." Likewise, Facebook said students at Cornell who used Facebook for 5 minutes while viewing their own profiles saw "boosts in self-affirmation," while folks who looked at other profiles did not.



Chamath Palihapitiya


In other words, using Facebook to interact with people - as opposed to just "browsing" as the University of Michigan study analyzed - seemed to have a positive effect on people


Facebook says it"s going to take this data and work to encourage more social interaction among users  to try and cut down on those who spend it to waste time and, ultimately, feel worse after.


Meanwhile, Facebook’s research showed that social support can help prevent suicide.


Facebook is in a unique position to connect people in distress with resources that can help. We work with people and organizations around the world to develop support options for people posting about suicide on Facebook, including reaching out to a friend, contacting help lines and reading tips about things they can do in that moment.



Toward the end of its post, Facebook acknowledged that it hadn’t yet had time to discover “all the answers” – though the company recently pledged $1 million toward research to better understand the relationship between media technologies, youth development and well-being to determine how Facebook has affected the attention spans of its users.


While Palihapitiya later walked back his assertion that Facebook is “ripping apart the fabric of how society works” after being brutally flamed on Twitter for his purported hypocrisy, the notion that Facebook is making its users sick and miserable is certainly nothing new.


As we pointed out in August, even though post-Millennials are safer, physically, than adolescents have ever been. Social media has pushed them to the brink of a mental health crisis.









Tuesday, December 12, 2017

Former Facebook Executive: ‘You Don’t Realize It, But You Are Being Programmed’

chamath


A former Facebook executive, who openly admits to not using social media, has come out about the role he played in “ripping apart the fabric of society.”  Chamath Palihapitiya has publicly declared that he didn’t really understand “the consequences” of what he was doing.


This isn’t the first time a social media powerhouse has come forward with regret for helping create a social media platform either. Facebook’s first president, Sean Parker, opened up about his regrets over helping create social media as we now know it last month. Parker has said that social media creates “a social-validation feedback loop” by giving people “a little dopamine hit every once in a while because someone liked or commented on a photo or a post or whatever.”


Palihapitiya, who worked for Facebook from 2005-2011, expressed his concerns during a recent public discussion at the Stanford Graduate School of Business. He told the audience, “I think we have created tools that are ripping apart the social fabric of how society works.” 


“So we are in a really bad state of affairs right now, in my opinion. It [social media] is eroding the core foundation of how people behave by and between each other. And I don’t have a good solution. My solution is I just don’t use these tools anymore. I haven’t for years,” said Chamath Palihapitiya, the former vice president of user growth. “I don’t know if I really understood the consequences of what I was saying, because of the unintended consequences of a network when it grows to a billion or 2 billion people and it literally changes your relationship with society, with each other,” Parker said. “God only knows what it’s doing to our children’s brains.”


Palihapitiya, who is a millionaire thanks to his role in Facebook’s growth, also admitted it wasn’t about the Russian ads. We’ve done this damage to ourselves and fueled an addiction of sorts. “The short-term, dopamine-driven feedback loops we’ve created are destroying how society works,” he told the audience said. “No civil discourse, no cooperation; misinformation, mistruth. And it’s not an American problem—this is not about Russians ads. This is a global problem.” And Palihapitiya admitted to feeling guilty for his role. “I feel tremendous guilt. I think we all knew in the back of our minds—even though we feigned this whole line of, like, there probably aren’t any bad unintended consequences. I think in the back, deep, deep recesses of, we kind of knew something bad could happen. But I think the way we defined it was not like this.”


Palihapitiya said he doesn’t use social media because he “innately didn’t want to get programmed.” As for his kids: “They’re not allowed to use this sh*t.” That seemed to strike a nerve too.  Palihapitiya admitted that social media is “programming” the behaviors of users. “Your behaviors—you don’t realize it but you are being programmed. It was unintentional, but now you gotta decide how much you are willing to give up, how much of your intellectual independence,” he told the students in the crowd. “And don’t think, ‘Oh yeah, not me, I’m fucking genius, I’m at Stanford.’ You’re probably the most likely to f*cking fall for it. ‘Cause you are f*cking check-boxing your whole Goddamn life.”


The consequences of a social media addiction were unknown until recently. Now, it certainly seems almost as harrowing as an alcohol addiction. With one in six Americans now on anti-depressants and desperately seeking attention through social media, could Palihapitiya be onto something? Has social media damaged the social fabric of our society?

Tuesday, May 9, 2017

Ira Sohn Conference Summary Highlights And Investment Picks

While the hedge fund world finds itself in a time of crisis, with a "great rotation" of capital away from active management which continues to largely underperform the broader market, and toward cheaper, passive strategies, nothing could spoil the mood at one of the industry"s biggest events held today at the Lincoln Center, the 22nd annual Ira Sohn conference, where a dozen of the hedge fund industry"s most prominent names presented their best ideas.


Below is a summary of the hedge fund managers who spoke at the Sohn Conference in order of appearance, and the investment ideas they presented, courtesy of Reuters and Bloomberg.


Corvex’s Keith Meister:


  • Bullish on CenturyLink; Reported 5.5% stake in 13-D today; Corvex’s largest position

  • Said CenturyLink/Level 3 merger is gamechanging

Fine Capital’s Debra Fine:


  • Recommends DHX Media; sees upside to C$20-C$30/share;

Pershing Square’s Bill Ackman:


  • Reiterated his Howard Hughes Corp. long call

  • Said South Street seaport is highly valuable citing tax efficiency and excellent locations.

Social Capital’s Chamath Palihapitiya:


  • Bullish on Tesla 2022 convertible bonds

  • Said there is "incredible opportunity" in the 2022 Tesla converts that the company could capture 5% of the global car market and be worth hundreds of billions of dollars

Algebris’s Davide Serra:


  • Recommends shorting U.K. rates, warning of UK inflation and said that is one reason bonds are overvalued; also said Brexit will cost 7% of UK GDP over the next 8 years.

  • Llikes UniCredit shares

Blue Harbour’s Cliff Robbins:


  • Reiterates long Investors Bancorp which is undervalued relative to peers; sees upside to $19 due to significant growth in net income and franchise value; a potential M&A candidate

Greenlight’s David Einhorn:


  • Bearish on Core Laboratories; Sees 45% downside to $65/share in "way overvalued" stocks

  • Also said oil prices are unlikely to stage a V-shaped recovery, which will hit Core Lab"s business

DoubleLine’s Jeff Gundlach:


  • Recommends pair trade of long EEM ETF, short S&P 500 ETF

  • "When emerging markets outperform the S&P 500, active is outperforming the S&P 500"

Altimeter’s Brad Gerstner:


  • Likes United Airlines Long; sees upside to as much as $235/share

  • Millennials travel more than their parents; sees airlines as a secular growth story

Jericho’s Josh Resnick:


  • Recommends Frontier Communications short; accused company of aggressive accounting practices; having a massive debt load and bad customer service

Glenview’s Larry Robbins:


  • Likes DXC Technology: has good management, good acquisition of HPE by CSC, partnerships with innovative companies, tax reform could help

  • Likes FMC: bought good assets from Dow and DuPont; transaction was advantaged to FMC. Also good lithium batter business that could be split off

  • Likes Quintiles: significant strategies between Quintiles and IMS; Good for potential market share growth.

Sohn contest winner picked EBAY as long; sees ~45% upside


Next Wave Sohn picks below:


  • Trafalgar’s David Copley Recommends Shorting Mirvac, JB Hi- Fi

  • ThornTree’s Mark Moore Likes Liberty-Formula One

  • Totem Point’s Neal Nathani Likes Xilinx

  • Blockhouse’s Jack Franke Recommends Going Long MPLX

  • Half Sky’s Li Ran Recommends Fevertree Drinks Long