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Not a fan of Facebook but less a fan of bullies. Facebook should threaten to move out of the USA and to Zug. See how long the govt keeps their pressure up if they for that.
Hahaha no. Their operations are predominantly in the U.S., you don't just move thousands of employees to another country.
No. Facebook (the tech & platform) is owned by an Irish subsidiary. The parent company, Facebook Intl Ltd, is incorporated in Dublin. The only thing that makes it American is the fact that it's listed on Nasdaq. https://www.solocheck.ie/Irish-Company/Facebook-International-Operations-Limited-514293 …
oh... and it has an office in Menlo Park, where 75% of employees are immigrants and over 15% are H1B workers. moving to Zug is not as hard as you think.
Nevertheless, it would be an extreme business disruption to try to move or replace all of these large U.S.-based teams, who will probably generate over $60b revenue this year. There's no chance they would do so to try to save a far smaller & far more speculative currency project.
of course not, it's far easier & cheaper to pay lobbyists a few $million to persuade the elected officials. but the idea that FB can't leave is nonsense. IBM used to be an "American" company, now it has more employees in India than the US.
When it comes to money and finance, Wall Street is far better at the lobbying game than Facebook could ever hope to be. That's why Congress reacted to the Libra announcement in such a very quick and very negative way.
Wall Street doesn't need to lobby, they have a revolving door! Pop Quiz: The following people have which former employer — other than the US gov't — in common?pic.twitter.com/T8PG63uMnG
Goldman Sachs would be my go-to guess. Indeed the revolving door is one of the many dark arts of financial politics that Wall Street has and Facebook lacks.
ding ding ding! from top left: Gary Gensler, CFTC Chair; Bill Dudley, NY Fed President; Jon Corzine, New Jersey governor; Hank Paulson, Treasury Secretary who gave Goldman Sachs a $10B bailout.
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