On Thursday, Facebook whistleblower Frances Haugen spoke to a national organization that convenes investors, telling them that Meta was an unwise place to put their money —specifically the version of Meta under the direction of Mark Zuckerberg.
“It adds systemic risks to portfolios, particularly in countries in Africa and Southeast Asia,” she said. She added that Meta intentionally keeps the public in the dark about problems it creates, which prevents investors from judging if the company would be a sound investment.
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The comments were made during a Zoom call Gizmodo was provided access to, under the condition that we did not name the organization.
To ameliorate financial risk, Haugen urged the moneymen to foist transparency on Meta. What she wants as part of an initiative she’s calling Duty of Care is for investors to demand that disclosures of risks and harms to users be included in the information that Meta is required to share as a company publicly traded on the stock market.
“If platforms don’t have to do reporting, they’ll never make progress,” Haugen said. “There’s a huge opportunity for the investment community to take a leadership role here and demand social platforms release a minimum level of information, to establish transparency and the minimum level of reporting.”
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