reported strong fourth-quarter financials but spooked markets a bit by warning of advertising headwinds this year.
Monthly active users of 1.84 billion were up 11% year-on-year but about flat from the previous quarter. Facebook seems to have deputized a somewhat odd Oversight Board of 40 members from around the world to determine whether to uphold or reverse its content decisions – a sign of just how complicated the role of the powerful social media platform in policing speech has become. It’s the first big one to report in to Wall Street — Twitter and Snap will face similar questions when its their turn in February.
A looming but more existential threat is that the Biden administration will look at tweaking Section 230, which gives internet platforms legal immunity from content on their platforms and the ability to curate them. Also, Llast month the Federal Trade Commission and 46 states filed antitrust lawsuits against Facebook, alleging it deliberately stifled competition by buying or quashing smaller competitors. The suit wants a breakup of Facebook, Instagram and WhatsApp.
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