During the 2018 Davos World Economic Forum, a new concept and term emerged called “TechLash” (or #TechLash with the hashtag as a social media meme). Martin Sorrell, the CEO at the time (he was #MeToo’d and fired in July) of the largest traditional advertising firm WPP (Google and Facebook are now the ways to advertise), said that the rebellion over the egregious violation of privacy by Google, Facebook, Twitter, etc. was boiling over.
I immediately spotted this as an important idea. Sure enough, TechLash became a reality, and this week we saw it in action. The giants of Silicon Valley, and even old media, all saw their market values crushed.
In the wake of Facebook’s (FB) nightmare scenario of the public becoming aware that the company not only collects privacy data on users (users are actually the product Facebook sells) but also sells it to third-parties for use in creepy targeted marketing, Q2 earnings were dismal. Mark Zuckerberg and Sheryl Sandberg tried to explain the losses as being caused by costs incurred to restructure the company and “protect users”, but Wall Street saw through that spin. The drastic reductions in Facebook users is what caught investors’ eye and caused the stock to lose $120 Billion in value in one trading day, which was the largest one-day loss in the history of global stock markets.
Facebook got TechLash’d. The billions of people across the globe might be gullible and lazy, but they can spot it when Big Brother turns their personal lives into a product to sell. Also, a significant portion of the Facebook demographic can spot it when the news they see on the platform is highly curated and censored to favor the radical left agenda.
Zuckerberg and Sandberg drank their own Kool-Aid and gambled that there were no limits to the amount of abuse the average American would take. They were wrong.
Then, the very next day, Twitter (TWTR) tried to bury bad news by releasing earnings on a Friday (which is an exceedingly rare thing to do) and the stock tanked in after-market trading. When markets resume, it should sell off more. TWTR is down already 30% from all-time highs reached earlier in July.
Like Facebook, Twitter suffered big losses in users because people are fed up with Big Brother marketing in general, and also because of the egregious censorship Twitter has been engaging in. Conservative voices were “shadow banned” or outright blocked for alleged violations of the code of conduct while liberals could flagrantly incite riots and advocate for the death of President Trump and go unscathed.
Also on Friday, another New Yorker Magazine article by Ronan Farrow this time #MeToo’d the CEO and Chairman of CBS, Les Moonves. Numerous woman accused him of violent sexual assault, by holding them down on the couch in his office, locking them in, etc. CBS stock was down 7% in after-market trading.
Prior to this, on July 16th, the other Silicon Valley giant, Netflix (NFLX) also reported dismal earning caused by big drops in subscribers. That stock is down 15% from all-time highs reached one week prior.
(By the way, the human analysts supposedly covering these stocks are clearly incompetent and computer algorithms have taken over. In all cases, stocks were at all-time high right before the implosions.)
Netflix’s CEO reed Hastings has joined the far-left radical resistance of populism and Trump, along with Jack Dorsey of Twitter, Jeff Bezos of Amazon, Zuckerberg and Sandburg of Facebook, Moonves of CBS, etc. Netflix’s “comedy” (i.e. political propaganda) show by Michelle Wolf recently portrayed her in a July 4th marching band outfit saying, “We salute abortion”
In private equity, Vice News is burning cash. Ratings are down on their lame HBO shows. No large media companies want to buy them and their own CEOs have been #MeToo’d (Ironically, the most liberal of media outlets are the worst offenders at raping women and children).
All of this has happened simultaneously to the demise of Old Media Hollywood. Harvey Weinstein, who coerced and bribed Hollywood into handing him underserving Academy Awards, who was best friends with the Clintons and Obamas, was finally exposed as the serial rapist that he was and arrested. Stable franchise movies, such as Star Wars, were ruined by liberal activists, such as Ron Howard and show runner Kathy Kennedy.
The late-night broadcast “comedy shows” have been turned into flagrant vain attempts at “resistance” propaganda. Ratings for Colbert and Kimmel are way down. CBS will likely soon replace Colbert with James Corden.
The few remaining print newspapers are going out of business. The ultra-liberal New York Daily News laid off almost everybody. The New York Times is close to bankruptcy. The Washington Post survives as a money loser subsidized by Jeff Bezos.
The majority of Americans and Europeans are sick of this vulgar fascist brainwashing. The verdict is in. The people have decided with their spending.
It is not profitable to run far-left propaganda media and news operations. TechLash arrived.