Wall Street finally taught Zuckerberg the lesson he deserved

IMG_20180731_124116_154

This week Facebook CEO Mark Zuckerberg finally got the whack across the nose that many had hoped Congress would give him back in April.
The social media giant’s stock price took a spectacular nose dive Thursday after the company forecast a slowdown in the rate of new user signups. Analysts reckon Facebook’s limp response to the European Union’s recently enacted digital privacy laws also soured investors on its near-term financial future.
While Zuckerberg spent the first half of 2018 listening to but not really hearing complaints about how Facebook mishandles user data, it’s a good bet he’s listening now. All told, Thursday’s trading vaporized $119 billion of the Menlo Park, Calif., company’s market value. That’s roughly the equivalent of the gross domestic product of Kuwait.
Public patience with Zuckerberg’s often unconvincing — and at times duplicitous — statements about the heroic lengths Facebook goes to to protect user data appears to have come to an end. A rolling tide of revelations this year about persistent privacy breaches has eviscerated Facebook’s credibility on the issue. People have been logging off in droves.
Facebook has long claimed that its mission is to develop social infrastructure and — *gag* — build community. That no longer passes the giggle test. What they really want to do is follow people around the internet, collect and organize what they learn and sell that information to the highest bidder.
To the three people who don’t realize it already: Facebook doesn’t think of you as the customer; they think of you as the product.
Congress raked Zuckerberg across the coals this spring. It made for satisfying viewing but ultimately came to nothing. No one in Washington appears up to the task of regulating America’s favorite time-waster.
Now the market has done what government failed to do — discipline Facebook for its bad behavior. It was the largest one-day stock drop ever and the most epic price correction in the history of Silicon Valley, an industry that knows a thing or two about making investors’ money disappear.
Facebook is far from the only tech company with delusions of grandeur.
Zuckerberg himself took a $15.4 billion hit to his net worth. The general attitude seems to be that he had it coming. Somebody, somewhere, had to cut the hoodie-clad 34-year-old down to size.
Like all the digital economy’s most respected entrepreneurs, Zuckerberg never had much time for questions about his motivations or intentions. From the beginning he cultivated a rules-don’t-apply-to-us culture. Whether it was the sudden, unannounced changes to the site’s layout or the frequent sneaky tweaks to your privacy settings, Facebook seemed to have a policy of ignoring all criticism and plowing ahead. Their motto said it all: Move fast and break things.
The Facebook crew was smarter than the crowd. They were more productive and could see further. They could imagine a future that most people weren’t creative enough to conjure or sharp enough to engineer. Speed was an invaluable asset and destruction the price of progress. Whether the public bought into their particular vision of the future was of no concern.
Facebook is far from the only tech company with delusions of grandeur. “We don’t believe in limits,” Apple CEO Tim Cook is fond of saying. “Apple has made products for years that people didn’t know they wanted and now they can’t live without.” That’s certainly true, and impressive, but you don’t need an MBA to see how an industry with that attitude could end up a little too convinced of its own invulnerability.
The Silicon Valley success narrative is as familiar to us now as a Greek myth. The hero, also known as the founder, goes off into the wilderness to meet his destiny. Everyone tells him the task he has set for himself is unachievable — it can’t be done. He does it anyway and is rewarded with glory and wealth beyond imagining.
Proving the cynics wrong is an integral part of the tech visionary’s hero journey. But the Greeks knew what the Silicon Valley founder cult apparently hasn’t considered — pride goeth before the fall. The road runs out for everyone.
“Move fast and break things” worked for a long time. It stopped working Thursday.
Facebook’s comeuppance is often what befalls companies that perceive their mission to be more grandiose than simply delivering a great product at a fair price.
As the economist Milton Friedman said, “A corporation’s social responsibility is to make as much money as possible while conforming to the basic rules of the society, both those embodied in law and those embodied in ethical custom.”
Maybe Mark Zuckerberg should make that Facebook’s new motto.
Matthew Hennessey is an associate editorial features editor at the Wall Street Journal. His book “ Zero Hour for Gen X: How the Last Adult Generation Can Save America from Millennials” (Encounter Books) is out Aug. 14.

Court Order RUNTOWN To Appear In Court Or Go To PRISON

  • maxresdefault.jpgAn Abuja High Court has fixed 8th August, 2018 for Runtown to appear and give reasons why he should not be sent to prison for disobeying Court Injunction made on 10th May, 2018.

This was revealed by a statement released by Eric Many.
It reads;
“Recall that we served a Contempt Warning from Court on Runtown on 4th July, 2018 after he defied Court Order and released a song. Rather than heed the Contempt Warning and retrace his steps, he issued a Press Release in which he argued that the Injunction had expired. The Injunction was to stop things until the hearing of our Motion seeking to freeze activities until a decision on his status (whether he had discharged his obligations to us or not) is taken. It barred him from performing or releasing songs for the time being’.
The statement went on to add that, ‘the legal advice we received was that Runtown was wrong in his interpretation of the Rules of Court he relied on since he was already served with our Motion and was represented in Court on 31st May, 2018 when the Court adjourned to 27th September, 2018 to hear the Motion and the one filed by Runtown himself! To turn around after that day to proceed to do what the Order barred him from doing, and what the Motion served on him (adjourned in his presence) seeks to stop, is unjustifiable under the 7-Days Rule he relied upon. That could probably apply to a person against whom an interim injunction was obtained without more’.
‘Based on this, we have done two things: One, we have obtained a ‘FORM 49’ against him to explain why he should not be sent to prison, especially when he continued to publicize fixtures for shows in Canada, Namibia, Europe etc and threaten to release more songs, both actions in defiance of the Court Order. The application (now fixed for 8th August) has been served on him  as ordered by the Court. Two, since we will not allow him to continue to mock the Court Order we have applied and obtained a new Injunction to stop his actions to protect the Contempt Case. The new injunction bars him from his threatened defiant actions in Canada, Namibia, Europe etc. We believe the new Injunction has not also ‘expired’ and hope he respects the Court this time.
Please bear in mind that our main case in Court boils down to whether Runtown has discharged his monetary obligations to us and delivered one Album to us as spelt out in our Contract. He has responded, so it will be good to allow the Court to decide what each party filed. Let both sides apply restraint. As we always say, Ericmany Limited will continue to follow the judicial process. We have confidence in the Rule of Law and will continue to patiently follow the due process until the wrong done to us by Runtown after our heavy investment on him is redressed”.

It has come to the public notice that Reekado Banks and Kizz Daniel Beef Is Not Just About ‘Selense’

reekadoThe Kizz Daniel – Reekado Banks rivalry and the “Selense” song is perhaps the industry’s biggest irony today. Two artists of comparable stature were invited to collaborate on a song that involves blowing-whistle on industry scandals, beefs and gossips; and the two invitees ended up starting a beef story for other gossips, like you and I, to talk about.

According to Mr Songz, Kizz Daniel refused to work with Reekado Banks, causing a change of plans in the “Selense” project. Through his manager, he said, “The original version of the song was with Reekado Banks and Kizz Daniel but at a point, Daniel said he didn’t want to star in the video because Reekado would be on it.”

This story became a curtain lifter on the bad chemistry between two of the country’s finest music acts. While Reekado Banks continues to play pretence about the non-existence of the topic of his beef with Kizz Daniel; his rumoured rival claimed in a mail that he has nothing against Reekado Banks. The mail from Kizz Daniel’s camp read; “Kizz Daniel has nothing against Reekado Banks. That’s all we can say.”

The reaction from both artists has left an open field for free flow of speculations and assumptions. Some section of the fans assumed that the rivalry is a result of collusion of egos. Some others think that the animosity has been there since the incident of the 2015 Headies Awards where Reekado Banks won the Next Rated Award, even though the likes of Kizz Daniel and Lil Kesh were believed to be favourites.

Ego

Since his profile as a singer started to soar, Reekado Banks has been in the news for braggadocios statements and exaggerated claims that did not sit well with a lot of fans. During his “Thank You Concert” in Ibadan around the tail end of last year, Reekado Banks, in reference to Lil Kesh, said; “ the person wey you think say better pass me, I better pass him papa.” This statement cost him some amount of his goodwill and a lot of fans saw him as more of a talker than a doer. His egoistic persona would return to the centre of public discourse when he shared a video of himself in the studio with Tee-Y mix and bragged about being levels ahead of other artists.

Kizz Daniel however is less of a disrespecter but no less a bragger. Unlike Reekado,  he does most of his bragging on songs rather than during interviews or during performances. Reoccuringly, he sings in braggadocios tone; about being the one making “actual” music, being the best in the game and about his reign. He did this particularly on his collaboration with DJ Spinall titled “Baba”.

Much earlier in his career, Kizz had a reputation for being a “double faced act”, who appears as a sweet young man to fans but portrays a different character behind the curtain. This talk stemmed from his style of not collaborating with artists outside his then label, G-worldwide Entertainment. The situation was later blamed on the label, especially after the disagreement between the singer and the label became public; and fans got to learn more about the stringent terms he worked under at the label. While G-Worldwide was seen as the devil, Kizz Daniel’s reputation has not fully recovered.

2015 Headies Next Rated Beef

The incident at the 2015 Headies Next Awards is also suspected to be the origin of the animosity between Reekado Banks and Kizz Daniel. Reekado Banks, Kizz Daniel, Lil Kesh, Cynthian Morgan and Korede Bello were in the running for the award but the three of the nominees seemed to have their shoulder above the rest. Reekado had his signature all over one of the biggest hit songs at the time titled “Dorobucci.” He also had a fine single titled “Katapot”, giving him a good claim to the prize. Kizz Daniel had “Woju” and “Laye” which would have effortlessly earned him the award in another Headies edition. Lil Kesh had serial hits like “Shoki”, “Gbese” and “Efejoku”; which was unprecedented for a new comer.

The race later became a two-horse race, between Reeky and Kesh; and the Mavin Records act finally took home the prize, forcing a disapproving reaction from a lot of people including Olamide. Kizz Daniel might not have been in the final picture but he certainly wasn’t pleased to have lost the award. The two singers have since kept a distance apart.

For a while the comparison was between Reekado Banks and Lil Kesh but in recent times, Kizz Daniel seems to have outpaced both artistes, leaving only Reekado Banks is close distance. Although Kizz maintains he has no issue with Mr. Banks, their history of contention could be the reason for his refusal to collaborate with Reekado on Harrysong’s song.

The tongue-tied approach of both artistes to the topic of their beef would allow the rumours and speculations continue to run rife. The situation would not be helped by continued refusal by both singers to collaborate and it would likely lead to shades and subliminal stuffed in song verses. The sound of beef usually would excite fans who would be looking out for “who would come out tops in the Kizz Daniel versus Reekado Banks rivalry?” J. Cole is the man with the answers. In his words, “time would tell.”