Facebook Back on Defense, The Pied Piper of SPACs & Microsoft Corporate VP on Slate of New Devices

TechCheck

CNBC

Management, Cnbc, Tech, Faang, Investing, Business, Disruptors, Technology

4.5 • 66 Ratings

🗓️ 30 September 2021

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

Our anchors kick off this morning on Facebook as the company defends how its platforms impact teens on Capitol Hill today. With shares of Facebook down more than 10 percent this month we speak to Goldman Sachs Managing Director Eric Sheridan who has a buy rating on the stock. Then, The New Yorker Contributor Charles Duhigg, who wrote a popular profile on Social Capital CEO Chamath Palihapitiya, joins to speak about the investor’s persona and influence. Later, CNBC’s Jon Fortt sits down with Microsoft Corporate VP of Search and Devices Yusuf Mehdi live in Washington to discuss the company’s new device lineup. And later, we hear from Head of Facebook Financial David Marcus on the company’s ambitions in the payments and crypto space. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Transcript

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0:00.0	I'm Carl Kintanilla. You're listening to CNBC's Tech Check. Our show is live weekdays at 11 a.m. Eastern. Listen in.
0:38.7	Good Thursday morning. Welcome to Tech Check. I'm Carl Kintanio with John Fort and Julia Borsden. Today, the NASDAQ is trying to break a four-day losing streak as tech continues to see a rough September. Several cloud stocks are leading this morning's rebound. It is no play date for Facebook on Capitol Hill today. Got some live updates as an executive testifies on the alleged toxicity of Instagram.
0:45.6	And then later, you know John's not a surface level kind of guy. He's got to be there. We're live at
0:50.6	Microsoft's headquarters in Redmond, Washington this hour, talking about hardware and the supply chain.
0:56.5	Our feed, though, is going to begin with Facebook this morning, sharing its own heavily annotated version of two internal research reports that try to downplay any mental harm that apps like Instagram have had on teens and children.
1:09.8	The journal's been publishing a series of articles, as you know, that alleged Facebook knew of the negative impact its products have on young people and especially young girls. There's some unnerving language in those documents, including the phrase leveraging play dates, which caused a bit of Twitter beef last night between the New York Times and Facebook's
1:28.2	policy director.
1:29.4	The Today show got Adam Aseri when Facebook dropped its Instagram Kids project.
1:33.8	Today the Senate gets Facebook's global head of safety and testimony happening right now on
1:38.8	the hill.
1:39.8	And then there's this.
1:42.3	She left Facebook concerned with copies of thousands of pages of research.
1:46.5	What don't they want you to know?
1:48.2	The Facebook whistleblower only on 60 Minutes Sunday.
1:52.6	So, Julia, one of the questions of the morning and maybe the weekend,
1:55.7	is will Instagram's alleged toxicity be the straw that finally breaks this camel's back. Shares are down
2:02.3	more than 10% this month. Well, Carl, I think the real question is, will this regulatory scrutiny
2:09.7	of Facebook's knowledge of that toxicity push Facebook to pull back the way it targets teens
2:16.9	and keeps teens engaged on Instagram.
2:19.6	And can that damage Instagram's ability to grow?
2:22.7	I mean, we've seen that Facebook has lost ground with younger users, and Instagram is really
2:28.8	the place where Facebook still has that stronghold on kids.
	...

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