They tell themselves this is not their fault. “Facebook is terrible, but I have to maximize shareholder value, so I have to use it. That’s up by 33% from a year ago and underscores the vast scale of a platform that has a staggering 1.9 billion daily active users. “They allowed themselves to get addicted to the convenience of the products, so they go along with it,” said McNamee, who co-founded venture capital firm Elevation Partners.įacebook generated $28.3 billion in advertising revenue during the third quarter alone, the company said Monday. McNamee, who began advising Facebook co-founder Mark Zuckerberg in early 2006, said the problem is that the vast majority of companies prioritize maximizing shareholder value instead of what’s good for society. “The major advertisers have a lot of guilt here.” “What they are doing is willfully turning a blind eye to catastrophic problems that would not exist if they were not willing to advertise on these platforms,” McNamee, an early investor in Facebook, told CNN on Tuesday in a phone interview.
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