Facebook stock plummeted nearly 20 percent Thursday in the largest one-day loss in history for any publicly traded company. By the time Wall Street closed yesterday, Facebook had lost over $120 billion of the company's value and shareholders are not happy. Many are pointing the blame at founder and CEO Mark Zuckerberg.
The fallout comes after the company's announcement that growth might slow after "an avalanche of scandals involving misinformation and data misuse." Though privacy concerns are definitely real, as seen after the Cambridge Analytica fiasco, the real reason people are bailing on Facebook likely has more to do with their algorithm which censors the content they believe is "good for people's well-being." Apparently, Facebook believes we are too stupid to know what's best for us, and that a computer algorithm will do a better job of choosing what we should see, than we could do for ourselves.
"Facebook was valuable when you could go there and pick and choose the type of content that you wanted to see. You could choose what was important to you. I don’t want Facebook choosing for me," said Glenn Beck on today's show. "Facebook’s algorithm has been destroying media companies lately, especially the smaller ones - and even more so - those that lean conservative. The Independent Journal Review, a conservative site the focuses on millennials, had to lay off most of their employees back in February. Why? Because Facebook’s algorithm was choking off their reach. And IJR is just one of the many that have been struggling."
Get the whole story straight from Glenn in the video clip above.