Long Long Way from "The Social Network" - Winklevoss Twins, Mark Zuckerberg Get Stuck

 "The crypto platform Gemini, led by co-founders and twin brothers Cameron and Tyler Winklevoss, laid off 10% of its staff due to 'turbulent market conditions that are likely to persist for some time.'" - TechCrunch, June 3, 2022.

The Winklevoss Twins were only one party in the legal dispute captured in the iconic film "The Social Network." That was back in the heady times of the beginning of digital as a necessary platform for not only socializing but also business. Those who knew how to be early adopters were going to be become billionaires. So would their funding sources such as venture capitalists.

In addition to The Twins there was Mark Zuckerberg, who was turning Facebook into a global institution. His signature phrase - Move Fast and Break Things - became a revered guideline for entrepreneurial playbooks. And everyone wanted to do a startup. Corporate manaagers were mandated to operate their divisions "like a startup."

Now, Zuckerberg can't catch a break on any front. There is a cottage industry in the media, as with this analysis by RT, to chronicle in great detail his problems. 

At the top of the list is the stock price. At the close of the market on Friday, it was at 190.78 (down 8.08 or 4.06%). The 52-week high had been 384.33.

The planned transition of the corporation from a social network platform whose primary revenue comes from advertising to the virtual reality of the metaverse isn't going well. The way Meta is approaching the metaverse has not been praised. Some observe the corporation no longer has the creative power of fresh ideas that it had in its earlier years. Its inititatives aren't grabbing the headlines. 

Also there is the government scrutiny. The FTC, under the aggressive Chairperson Lina Khan, had refiled the antitrust lawsuit against it that had been initially rejected for lack of specificity. The new version is moving forward. 

In addition, Zuckerberg is not likable. Or interesting. 

Well, neither are the Winklevoss Twins.

That means that there likely is smug rejoicing at how currently both are stuck. There is also skepticism that they could find their way back to dominance in their niches. The torch for that is being passed to a new generation - GenZ.

Connect with Editor-in-Chief Jane Genova at janegenova374@gmail.com. She helps businesses conjure up magic in their storytelling. One client said, "She makes shipping containers ‘sexy.’"

 

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