Facebook On The Defensive
MarketFoolery
The Motley Fool
4.7 • 1.7K Ratings
🗓️ 27 September 2021
⏱️ 15 minutes
🧾️ Download transcript
Summary
In the wake of recent revelations published in The Wall Street Journal, Facebook hits the pause button on “Instagram for Kids”. Electric carmaker Polestar nears a $21 billion deal to go public via SPAC. Maria Gallagher analyzes those stories and the potential for Best Buy’s new “Total Tech” membership program.
Transcript
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| 0:00.0 | It's Monday, September 27th. Welcome to Marketfoolery. I'm Chris Hill with me today. |
| 0:07.0 | That's not how you think. It's actually Maria Gallagher. Good to see you. Nice to see you too. |
| 0:13.0 | Thanks for being here. It's another day, so therefore we have another spack. |
| 0:17.0 | We're going to get to that. We're going to get to a retailer getting an upgrade. |
| 0:20.0 | What we're going to start today with the social network. |
| 0:23.0 | Instagram CEO Adam Misari says that they are pausing a planned version of Instagram for kids under the age of 13. |
| 0:33.0 | And I suppose technically that's true that they're pausing it, although they're still very much working on this. |
| 0:41.0 | They're just not releasing it now, I think, in part because of the recent stories in the Wall Street Journal. |
| 0:47.0 | And I think if they launched it now, they would not get the reception they want. |
| 0:52.0 | But when you see this story and we'll get to the ripple effects for Facebook and therefore the stock. |
| 1:00.0 | But when you saw this story, what went through your mind? |
| 1:05.0 | Well, at first, when just the idea of a social media for kids under 13, I think most people have the same reaction, |
| 1:12.0 | which was that seems unnecessary and like there's a lot more negatives than there are positives. |
| 1:17.0 | And it's interesting, so Facebook has been trying to claim that these findings from the Wall Street Journal series aren't telling the whole story. |
| 1:24.0 | And that on the whole people, more people say that Instagram and Facebook make them feel better or neutral about themselves. |
| 1:30.0 | But this will, like, obviously apparent, but some of the claims just to refresh everyone's memories. |
| 1:35.0 | 32% of teen girls say that when they feel bad about their bodies, Instagram makes them feel worse. |
| 1:40.0 | One in five teens say that Instagram makes them feel worse about themselves. |
| 1:43.0 | 14% of boys in the USA, Instagram makes them feel worse about themselves. |
| 1:48.0 | 40% of teen boys experience negative social comparison. |
| 1:52.0 | And it's harrowing for lots of reasons, especially there are so many young people that spend their time on these apps. |
| 1:59.0 | And it's such a huge source of growth for Facebook. |
... |
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