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 Africa and Southeast Asia,” she said. She called calling Meta’s refusal to disclose information about the problems it creates a smokescreen keeping investors from judging if the company would be a sound investment.
To ameliorate the financial risk, Haugen urged the moneymen to foist transparency on Meta. What she wants 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. The comments were made during a zoom call Gizmodo was provided access to under the condition that we did not name the organization
“If platforms don’t have to do reporting, they’ll never make progress, she 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.” She wondered aloud what would happen if investors demanded to be told what harms Meta knew it brought to children—how many used its...
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