Conversation

SBF
@SBF_FTX
Replying to
@SBF_FTX
8) So, what do you do, if you're Mark? Well, first of all, you'd love to reignite the growth! That would be great for earnings and stock price and also for narrative. Except you can't, because it's physically impossible. Facebook was stagnating--at *three billion MAUs*.
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SBF
@SBF_FTX
9) Facebook didn't stop growing because of tiktok or bloat or narrative--it stopped growing because, well, there was no more room to grow. Half the world had an account. There just weren't really any more users left to add. Facebook wasn't shit. It had already won.
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SBF
@SBF_FTX
10) And, relatedly, it was making, uh, a lot of money. So in case you thought the solution was "well make more money", remember that as a free to use social media website it's making $100B of net revenue each year. That's a lot of money. Facebook had already won.
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SBF
@SBF_FTX
11) But nonetheless, it could still *lose* users and revenue. So it had to help its reputation somehow. So what do you do? Ponies? Free ice cream?
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SBF
@SBF_FTX
12) Remember: it's reputation was, uh, quite bad. So one way to help it is to make people like it more. But another way to help its reputation is just to make people *dislike* it *less*. And one way to do that is with a distraction.
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SBF
@SBF_FTX
13) "Hey everyone look over there, it's ThE mEtAvErSe!" People are no longer thinking about privacy and bullying and poor stock performance. They're wondering what The Metaverse actually means, and why Fake Zuck doesn't have any legs.
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SBF
@SBF_FTX
14) It's not, uh, *positive*, but it doesn't have to be. It just has to be less negative. And something weird and new and confusing and vague and exciting is in fact less negative than privacy concerns and censorship debates.
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SBF
@SBF_FTX
15) Plus, that negative sentiment was directed towards Facebook. What Facebook? Where? This is Meta!
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SBF
@SBF_FTX
16) But my story still doesn't make full sense. Sure, maybe it explains why Facebook became Meta. By why spend $10b per year on fake legs? Remember Facebook's other problem: it couldn't grow anymore, because it had already grown the maximum amount physically possible.
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Mo₿otic
@bitcoinmobotics
Replying to
@SBF_FTX
Biting take Sir. If you can't grow anymore, perhaps you can grow out of your torso . . . this also explains the evolution of turtles and many other things.
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Mo₿otic
@bitcoinmobotics
Replying to
@SBF_FTX
Rephrase: If you pull it back up you demonstrate every metric the market currently stands at measurably for future regulatory compliant companies to sell honest assets.