RUSH TRANSCRIPT For more ░░░░░░░░ s bring in David ░░░░░░░░ CEO of new constructs ░░░░░░░░ heard Mark Zuckerberg at ░░░░░░░░ top saying a lot ░░░░░░░░ people will say it ░░░░░░░░ not the time to ░░░░░░░░ on the future They ░░░░░░░░ there are enough problems ░░░░░░░░ deal with in the ░░░░░░░░ Clearly Facebook has its ░░░░░░░░ Regulatory constraints are likely ░░░░░░░░ increase Is this just ░░░░░░░░ way to distract us ░░░░░░░░ that David absolutely All ░░░░░░░░ this the sign name ░░░░░░░░ represents a distract and ░░░░░░░░ away from what we ░░░░░░░░ realize which is the ░░░░░░░░ version of big tobacco ░░░░░░░░ it comes to Facebook ░░░░░░░░ Instagram I think mark ░░░░░░░░ a big vision about ░░░░░░░░ metaverse It is important ░░░░░░░░ will look at Facebook ░░░░░░░░ the online version of ░░░░░░░░ yearbook as a stepping ░░░░░░░░ to build a treasure ░░░░░░░░ of profits to build ░░░░░░░░ great metaverse But it ░░░░░░░░ absolutely a diversion Everything ░░░░░░░░ set up to get ░░░░░░░░ to be distracted away ░░░░░░░░ and divert attention away ░░░░░░░░ the very ugly way ░░░░░░░░ Facebook has made billions ░░░░░░░░ billions of dollars Matt ░░░░░░░░ is the big problem ░░░░░░░░ the way that Facebook ░░░░░░░░ made money and build ░░░░░░░░ face any consequences Do ░░░░░░░░ support enough congressional campaigns ░░░░░░░░ that they don t ░░░░░░░░ to worry about it ░░░░░░░░ great question A couple ░░░░░░░░ ago we started reading ░░░░░░░░ Facebook had to change ░░░░░░░░ attitude They realized that ░░░░░░░░ had to pay to ░░░░░░░░ in Washington If you ░░░░░░░░ not spending big bucks ░░░░░░░░ would not get your ░░░░░░░░ and you may even ░░░░░░░░ on the wrong side ░░░░░░░░ the line We will ░░░░░░░░ if money can buy ░░░░░░░░ absolution from what they ░░░░░░░░ done It has been ░░░░░░░░ amazing business model I ░░░░░░░░ to joke with friends ░░░░░░░░ gives Facebook all of ░░░░░░░░ content for free The ░░░░░░░░ is they exploited that ░░░░░░░░ that some other firm ░░░░░░░░ t have done the ░░░░░░░░ thing I believe the ░░░░░░░░ yearbook was inevitable some ░░░░░░░░ would do that It ░░░░░░░░ all of these things ░░░░░░░░ we love about Facebook ░░░░░░░░ able to edit and ░░░░░░░░ take advantage of other ░░░░░░░░ capabilities that you could ░░░░░░░░ in a digital yearbook ░░░░░░░░ opposed to an off ░░░░░░░░ yearbook But the way ░░░░░░░░ Facebook used the data ░░░░░░░░ it off to people ░░░░░░░░ get you to vote ░░░░░░░░ certain way the way ░░░░░░░░ monetized with your own ░░░░░░░░ property your preferences I ░░░░░░░░ that will probably have ░░░░░░░░ come to an end ░░░░░░░░ question of whether the ░░░░░░░░ or legislators will do ░░░░░░░░ about it that is ░░░░░░░░ to tell Matt at ░░░░░░░░ point I have to ░░░░░░░░ whether Mark Zuckerberg can ░░░░░░░░ anything about it If ░░░░░░░░ consider the polarization of ░░░░░░░░ to the extent we ░░░░░░░░ now seeing it as ░░░░░░░░ that has caused at ░░░░░░░░ in part by social ░░░░░░░░ and Facebook as the ░░░░░░░░ part in that Is ░░░░░░░░ too big to control ░░░░░░░░ this point We saw ░░░░░░░░ had an experiment with ░░░░░░░░ test account in India ░░░░░░░░ instantly ran into these ░░░░░░░░ images got these extreme ░░░░░░░░ messages Is that inevitable ░░░░░░░░ you sign up on ░░░░░░░░ platform like Facebook David ░░░░░░░░ is baked into the ░░░░░░░░ The DNA of the ░░░░░░░░ is to profit from ░░░░░░░░ user s preferences and ░░░░░░░░ The idea is that ░░░░░░░░ algorithms are designed to ░░░░░░░░ you two things that ░░░░░░░░ grab your attention Advertisers ░░░░░░░░ for attention They pay ░░░░░░░░ when they know it ░░░░░░░░ be directed specifically to ░░░░░░░░ because your preferences are ░░░░░░░░ what they are trying ░░░░░░░░ sell you at that ░░░░░░░░ It s all about ░░░░░░░░ a more accurate grip ░░░░░░░░ getting people s attention ░░░░░░░░ is in the DNA ░░░░░░░░ the business In some ░░░░░░░░ you cannot blame them ░░░░░░░░ is what advertising and ░░░░░░░░ has been all about ░░░░░░░░ just had the greatest ░░░░░░░░ all time for this ░░░░░░░░ in time in the ░░░░░░░░ of our society platform ░░░░░░░░ capturing and measuring people ░░░░░░░░ attention and where it ░░░░░░░░ directed I think it ░░░░░░░░ baked into the DNA ░░░░░░░░ just don t know ░░░░░░░░ it ever makes sense ░░░░░░░░ a private enterprise any ░░░░░░░░ enterprise to own all ░░░░░░░░ that I feel like ░░░░░░░░ should be owned by ░░░░░░░░ individuals I think that ░░░░░░░░ an existential question that ░░░░░░░░ as a society will ░░░░░░░░ wrestling with over the ░░░░░░░░ several months and years ░░░░░░░░ we will have more ░░░░░░░░ Facebook and looking at ░░░░░░░░ video here I m ░░░░░░░░ sure if that is ░░░░░░░░ or if that is ░░░░░░░░ avatar. This is bloomberg. ♪