Jim Cramer Blowback against Facebook is real and different this time
Jim Cramer Blowback:Real the blowback is real it’s different this time I think that these documents forget the actual whistleblower the document’s pretty devastating because precisely what she said you either have to be a single source of truth these days or you go for the power they went for power uh David you know we haven’t even talked as much as we should about apple opt-in opt-out yes um my uh for the club I’ve owned this thing for more what for about 200 and maybe Jesus 300 almost 300 points okay and uh I feel very uncertain I feel
that this time it’s probably you said this could be different this time what we point out is that over time we have sat at this desk many mornings certainly during the course of the show and discussed the latest criticism of Facebook latest concern latest focus of its critics and yet the stock uh has obviously done nothing but more or less go up over a longer period of time hitting as high as a trover a trillion-dollar market cap that we’re treating#Jim Cramer Blowback#
recently in part because their business continues to grow at a rapid rate so your point now is that perhaps that will stop that perhaps yes the advertisers are thinking differently than an apple and right now the ios which you have to opt-in right and by the way that’s not just an issue for Facebook that’s an issue for any number of the apps that we all deal with every day that collects your information and obviously tries to use it to help their business#Jim Cramer Blowback#
and or center a center of their business right now Apple has chosen to be a single source of truth as mark Benioff says they’ve been willing to say that’s clearly not this opt they don’t want us to be able to get stuff that we don’t want uh will the documents be used against facebook I think that if you are a major consumer products goods company you better there’ll be someone in the room at the board who will say you know what this is different now look I use uh Instagram for our restaurants it’s true the small business stuff is griffin i #Jim Cramer Blowback#
I’ve been a somewhat defender the whole way saying that you know what I didn’t think they would uh their businesses would be hurt uh now the documents indicate if you made major changes would it matter everything always matters to make major changes but you’d have to choose truth and I look at those documents and I don’t think they chose truth I think they chose obfuscation and clearly they chose um they chose daily average users i mean I go through this with Twitter where I say listen would you please take down the
horrendous things that are said that I can’t have my children uh possibly look at and they will not do you know they’ll say yeah we’ll take some down but the first you know they use a lot of first amendment protection and you know you have every right that bullying is a sensitive topic sensitive meaning that that that they won’t take things down even though you’re being bullied so I’m looking I all of the social media dave and I were saying before him
could be up uh uh really upended by what apple’s doing and that is more important in some ways than what the documents showed but look let’s just admit there were more people who read that series and watched 60 minutes than there’s been any time that Facebook has been able to have been on the firing line and I mean heads have to wrong i have to see serious heads rolling I mean people were involved now look I don’t think that
Mark Zuckerberg has to roll his head well although there is um the idea that maybe his super-voting shares are at risk right maybe somebody comes in and says look let’s rearrange the ownership structure where he does have more accountability is that possible well when you have the voting share you have the voting share so you need a vote in order to do that so basically he has complete control in perpetuity uh which is important to point#Jim Cramer Blowback#
out because that wasn’t always the case um but you know this time is different advertisers, yeah apple I mean I’m just saying that he needs to do something in order to be able to restore some faith here do you think faith was lost as I do what that he would voluntarily give up voting control no that he has to try to figure out a wholesale uh how to change his I don’t I mean well I just think that he has to say listen we’ve done wrong how
about this how about something that I also wish that Carlos Watson had done we’ve screwed up this is bad our culture has to change we have to start giving the resources that are necessary to this uh now i i don’t think it’s a total David I don’t think it’s a totally corrupt company but that’s a pretty low bar yeah that’s is that a low bar one just by saying that I think you make the point.#Jim Cramer Blowback#
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