“I think we have created tools that are ripping apart the social fabric of how society works”
Palihapitiya’s criticisms were aimed not only at Facebook, but the wider online ecosystem.
“The short-term, dopamine-driven feedback loops we’ve created are destroying how society works,” he said, referring to online interactions driven by “hearts, likes, thumbs-up.” “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.”
He went on to describe an incident in India where hoax messages about kidnappings shared on WhatsApp led to the lynching of seven innocent people.
“That’s what we’re dealing with,” said Palihapitiya. “And imagine taking that to the extreme, where bad actors can now manipulate large swathes of people to do anything you want. It’s just a really, really bad state of affairs.”
In his talk, Palihapitiya criticized not only Facebook, but Silicon Valley’s entire system of venture capital funding.
He said that investors pump money into “shitty, useless, idiotic companies,” rather than addressing real problems like climate change and disease.
Source: The Verge
UPDATE: FACEBOOK RESPONDS
Chamath has not been at Facebook for over six years. When Chamath was at Facebook we were focused on building new social media experiences and growing Facebook around the world. Facebook was a very different company back then and as we have grown we have realised how our responsibilities have grown too. We take our role very seriously and we are working hard to improve. We’ve done a lot of work and research with outside experts and academics to understand the effects of our service on well-being, and we’re using it to inform our product development. We are also making significant investments more in people, technology and processes, and – as Mark Zuckerberg said on the last earnings call – we are willing to reduce our profitability to make sure the right investments are made.