The Fall of Facebook
Facebook shares have fallen by 37% from May to below $20, which means on average the social network is losing 33cents per day. Combined with the 83 million fake accounts, something has to change and fast.
This is due to a number of factors. First of all is the slowing growth. At 955 million accounts (872m real accounts), its expansion has decelerated from 29% per month down to 6% since this time in 2011. The conflict in ownership is another cause for concern. Mark Zuckerberg, CEO has 58% of voting shares, which guarantees his job for life and means he can ignore the interests of public shareholders.
Professionals and Job hunting Facebookers are becoming more troubled by privacy concerns. ‘Social Recruitment’ has become established as a mainstream career tool. Compromising status updates and photos are visible to not only your close friends, but unless you adjust your security settings, HR professionals and potential employers.
An estimated 600,000 accounts are hacked per day and moderators ban around 20,000 users daily. 8.7% of the 955million accounts are fake, as described by Facebook. 1.5% are spam and 4.8% are duplicates. These high numbers are to be expected with the running of the largest social networking site.
I have already written about Facebook’s new ‘Want’ button, which will bring a newer e-commerce angle to the site. Combined with the rumoured recruitment integration Facebook is making big changes, which is sure to delight some and annoy others. Can this network become a one-stop-shop for all your internet needs?
Puregenie Digital Recruitment are already very much involved with ‘social recruiting’ and have a lively LinkedIn group and twitter page @puregenie, a Facebook page and even on Pinterest. We regularly recruit for iconic brands and companies within the UK and beyond. Come to our jobs list to see our regularly updated available roles.
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Thanks for all the comments on the various forums, including LinkedIn, Social-Hire and on Twitter (@puregenie).
After some conversations, I continued:
Perhaps the network has reached a critical mass. Here in the UK we used to have a business directory, delivered free to every home and business in the country. It had the telephone number for every shop, restaurant, company and business in your region. It became a staple that everybody had, but eventually, systems evolved and information became easily available online.
Who knows what will be Facebook’s replacement, or even if there will be one. It can’t evolve without annoying people, but has to change to integrate new ideas and networking platforms.
As it integrates with operating systems and websites, it’ll become so ingrained in everything we use, there’ll be no option but to grin and bear it.