We dumped social media stocks, it’s ‘time for them to pay’ for harm done to the country: Money manager

We dumped social media stocks, it’s ‘time for them to pay’ for harm done to the country: Money manager

Social media companies were "willfully blind" to Russia's misinformation campaign undermining the 2016 U.S. election and it's time to dump stocks in the industry, money manager Ross Gerber told CNBC. The co-founder and CEO of Gerber Kawasaki Wealth and Investment Management thinks Facebook, Facebook-owned Instagram, and Twitter are a liability and predicts things could get worse for the industry, "I think we've all given tech leaders a pass on their morals for way too long," Gerber said on "Closing Bell" Tuesday. "They have acted incredibly to the detriment of this country ... it's just time for them to pay," he said. Two new reports found that Facebook and Twitter, along with Alphabet's Google, did "the bare minimum" to comply with the Senate Intelligence Committee's investigation into Russian misinformation on their platforms. Facebook responded to the reports, saying, in part, "Congress and the intelligence community are best placed to use the information we and others provide to determine the political motivations of actors like the Internet Research Agency" and that it will continue to "fully cooperate." In a statement provided to CNBC, the platform claims to have "made progress in helping prevent interference on our platforms during elections ... and funded independent research on the impact of social media on democracy." Twitter said in a statement its "singular focus is to improve the health of the public conversation on our platform" and that it has made significant strides since 2016 "to counter manipulation of our service." "We do think social media use has peaked with the advent of inventions like Screen Time," an app that can be used to limit device usage, he said. Shares of the company are down nearly 20 percent on the year and nearly 35 percent from a 52-week high set in July. Disclaimer

Turkey on Twitter: Social media reacts to the elections
Facebook expands its video Ad Breaks to 21 new countries
Qatar welcomes Twitter crackdown on bots used to attack country online

Social media companies were “willfully blind” to Russia’s misinformation campaign undermining the 2016 U.S. election and it’s time to dump stocks in the industry, money manager Ross Gerber told CNBC.

The co-founder and CEO of Gerber Kawasaki Wealth and Investment Management thinks Facebook, Facebook-owned Instagram, and Twitter are a liability and predicts things could get worse for the industry,

“I think we’ve all given tech leaders a pass on their morals for way too long,” Gerber said on “Closing Bell” Tuesday. “They have acted incredibly to the detriment of this country … it’s just time for them to pay,” he said.

Two new reports found that Facebook and Twitter, along with Alphabet‘s Google, did “the bare minimum” to comply with the Senate Intelligence Committee’s investigation into Russian misinformation on their platforms.

Facebook responded to the reports, saying, in part, “Congress and the intelligence community are best placed…

Pin It on Pinterest

Shares
Share This