best and brightest minds in technology, would be the most vibrant and innovative companies in the world. Yet, a couple of recent reports reveal that their lead may be slipping.
Facebook is a $100 billion/year advertising company that has no problem using AI and algorithms to create incredibly accurate profiles of every single user. Yet, they cannot make the AI accurate enough so as not to mislabel people as primates?
The FTC recently re-filed a lawsuit against Facebook for anti-competitive behaviour relating to its purchase of Instagram in 2012 and WhatsApp in 2014. Both transactions were approved at the time, but things have changed. Facebook has leveraged these purchases to become a monopoly in the Social Media world. Fortunately, the FTC wants to re-consider its approvals.
As early as 2008, Mark Zuckerberg, CEO of Facebook famously declared that “it is better to buy than to compete.” With Zuckerberg already on record as a big fan of anti-competitive behaviour four years earlier than the Instagram purchase, why did the FTC give its blessing to the transaction?