Should Facebook Be Broken-up Before It Becomes a Monopoly?

June 12, 2019

I was talking with a friend recently, discussing Grant Cardone’s “10X” method of money making and how I’ve tended to avoid that mentality because I think about it as being all about money. Jordan Peterson talks about it too, but a bit differently. He says the thing that makes people happy is responsibility. If you plateau in life and aren’t trying to achieve anything, those are the people who aren’t happy anymore because they are no longer striving towards anything and have little responsibility.

Putting that into perspective and relating it to Cardone’s 10X rule, it does make sense because there is more responsibility when you’re aiming at the next level and that can partly be where the fulfilment comes from, not just a fat bank account. I’ve often thought that a lot of rich people are sad and thought it was only because they were chasing money, but that may not necessarily be the case. It’s not how much money they’re making but how they’re making it - is it feeding the soul as well as your bank account? It’s changed my perspective a bit.

According to Peterson, he asks things like, “How do I step up my game?” Do things that don’t work. Find a way, find a solution. If you want to influence social media and the world around you, you need to find ways to do things differently, things that catch the attention of others, things that haven’t been done before.

For example, we previously talked about Uber and how they decided to become a publicly traded company. Before they went public, Uber was valued at around $82 billion and then it went down to about $42 billion on its first day of trading. What happened? They obviously had a reason for making the change to become public so, hopefully, we get to see what their idea of doing things differently turns out like! I’m curious to see what actually happens now. Will prices go up? Will they tank?

This thought process took me down the road of how the government is talking about breaking Facebook up so it doesn’t become a data monopoly. This is very subjective, but I’m of the opinion that unless there’s something immoral happening the government should stay out of business matters. If a company is becoming a monopoly, they are obviously providing a good service, are innovative and forward-thinking, so why should they be stopped? I think people worry about monopolies being detrimental to our access to products and services at a reasonable price. If there’s a monopoly, we pay what they demand. I don’t think anything can stick around forever. It’s been proven over and over throughout history.

I think part of the reason Facebook is still relevant is that it now owns Instagram, Snapchat, and WhatsApp. FB bought out these companies, but for example, they still let IG work independently. All the buyout did was give Instagram more money and resources to expand. WhatsApp is now the most popular texting app in the world.

Facebook is really just finding ways to stay relevant. When Instagram came out with stories, it blew up the internet. They are real and raw, and people crave raw these days. They don’t want heavily edited videos, they want real. There’s a reason why podcasts are so popular and do so well and long form videos, because they’re not edited and people can trust them more. Facebook knows this and therefore has found a way to be part of it.

In the long run, it comes back to discussions we’ve had before. Staying relevant means being open to change and to being uncomfortable. Getting in on things when they’re new can seem scary but the alternative isn’t so great either. When you’re sidelined as a result of avoiding where the crowds are, you are basically putting your business at risk. Don’t do it! Don’t become irrelevant, get on board so your business can reap the benefits!

Author: Josiah Merta

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