Much has been made of Facebook’s (NASDAQ: FB) recent announcement to rebrand as Meta.
But as we all take a collective leap into the metaverse, we should probably ask ourselves…do we actually trust Facebook enough to do this?
“What do you mean, Facebook isn’t trustworthy?”
Well, a recent report from the Harris Brand Platform seems to indicate that it’s not trustworthy at all! Already facing a public relations nightmare after the emergence of whistleblower, Frances Haugen, the rebrand saw trust in the company drop by 5%. Personally, I didn’t think it could go any lower so kudos to consumers for that at least!
On top of that report, another survey last week reported that 76% of Americans believe Facebook actively makes society worse. I don’t know about you, but when three-quarters of the population thinks a company is doing more bad than good, I get worried when said company unveils plans to create another world.
With the firm already shifting attention towards creating the metaverse, a virtual world where we can digitally reimagine ourselves, it’s probably no harm to question if Facebook is the right company to lead us there.
Investors will undoubtedly be excited that Facebook looks to usher in a new age of social media where it can reign supreme as the ruler of the metaverse. But, if it handles this new world the same way it’s handled ours lately, investors might not be so pleased.
Concerns over privacy, harmful content, and misleading news already beleaguer the Facebook app. If these were to permeate its metaverse too, would it be one step too far for a world becoming increasingly concerned with investing ethically?
I’m not saying Facebook is going to capitulate any time soon. I’m just saying we should keep an eye on how it handles this massive task.
Financial Writer at MyWallSt
Pádraig’s favorite stock is Nike. Growing up as a sports fanatic, seeing Nike collaborate with athletes like Jordan, Lebron, and Ronaldo inspired him and cemented the brand in his mind. Now, despite having failed miserably in his attempts to earn a fabled Nike sponsorship, he still believes in the innovation and creativity behind Nike and is convinced they will only grow stronger as the world's leading sports brand.