The Facebook debacle
Renee Schmidt, Editor SheBytes.com, walks us through the latest on the Facebook lawsuits and other headlines from the tech world
- Duration 12:21
- Date May 24, 2012
Renee Schmidt, Editor SheBytes.com, walks us through the latest on the Facebook lawsuits and other headlines from the tech world
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This transcript is automatically generated
Meantime we have a number of great -- -- mention what comes coming to us from -- the first one not talking about FaceBook wanted to bring in somebody -- Schmidt.
She's editor she -- dot com because -- know.
FaceBook of course was this topic of conversation really the last month of the tech sector and specifically this week.
You know the the IP oh was last Friday.
It didn't do as well as some people thought our Friday but it did go up a little bit and of course this week it hasn't done nearly as well as some had hoped.
And so she -- joins us from New York -- -- -- joining us.
The AQ thank you for having me.
So face we've had a lot of interesting development since last week but you know before getting into much -- that I just want to.
Bring up the -- local wedding and I know a lot of people -- little bit surprised by about it which took place just a one day after the IPO.
So just a big congratulations.
To Mark Zuckerberg and for so it sounds really nice.
By getting not just see what had happened at -- spot on on Friday of last week.
On markets normally open at 930 and typically the nasdaq's arch -- -- at 1038.
For whatever reason FaceBook -- supposed to start treating an eleven didn't even start until 1130.
A few hours later there was reports that there was problem with orders.
People weren't the traders weren't -- -- orders were coming and if they were being processed properly.
And it turned into a big debacle that was the result of the NASDAQ -- So now there's rumors of a huge lawsuit surrounding the losses as a result of of this -- That's just wanted to -- -- there's a second -- -- that was reported this week about regulatory investigation.
Some of the banks having privileged financial -- sensitive information.
That on some people and the general public today and how to access you.
-- so that's also one big major issue that's come up.
Generate -- to buyers out there we've already been told that are looking to do class -- who's -- contacted lawyers.
Obviously this is going to be an issue that's gonna be followed for a number of months -- no longer depending on how far this goes in the courts and potentially could cause significant amounts of money as you mentioned.
We've also heard this morning that FaceBook is even in talks with the New York Stock Exchange to possibly move FaceBook from the NASDAQ over there that's a minute came out this morning.
-- what does this do the text sector mean for those of us -- -- at home maybe aren't as connected in the tech sector to kind of watch it generically of course.
How could you not watch it with FaceBook in the big announcement last week.
What does this do for the sector knowing that you had this issue.
You have FaceBook stock that doing as well some people had hoped you have the fact they may move from the NASDAQ to the New York Stock Exchange and you have the possibility of some significant losses.
Yeah you know that's that's raising a lot of fears and there is a lot of questions about what those fears are going to do and in a ripple a fact on.
Stocks and other financials in the tax space.
And it's a great concern because a lot of you know valuation is just investor confidence and if -- -- Is losing investor confidence has such a huge conglomerate and being the most successful technology or one the most successful technology companies.
Then what does that mean for other companies that are looking to IP -- or who are ready on the Marquette.
Right you -- I'll also remind viewers to that are watching right now you can.
Chime in on your thoughts on this didn't come to.
Currently the -- page or on into the live chat we'll get him here in front of us as well as in New York -- and go to our FaceBook page.
I and you also can citizen tweet via Twitter my username is Adam Housley eight -- -- HO US LEY and we will talk about a on the air.
You know -- jumping over a little bit the idea of FaceBook is all about advertising as you know we had a guy last week talking about one of -- there's a number of about private sites that are out their social sites you can go on.
And -- to worry about that advertising you can even choose the advertising that comes your way.
But we know with what FaceBook has done the next step really is mobile advertising I mean you talk you look relative Smartphones have been there that they're the gadget of of the day as well as the tablets.
You know what his and what is mobile -- we can have a kind of pop up ads now coming on the steps to these types of devices.
Why should hope not because those screens are way too small for pop up ads and I think -- -- there's a lot of challenges and how to raise revenue for our company for example like -- but when you can't advertise in the traditional way that companies have been used you.
You know if you open and Google.
If you -- open chrome and you look at a typical browser you'll see the ads.
Streaming along the top along the sides and when you have a 24 inch monitor that's fine.
But what about when you have a tiny little -- -- screen.
So advertisers are going to be looking for new ways to generate revenue and I think one of the way as that is going to be this and that is successful are ready we'll continue to become more.
And more successful in -- Will be through social games so I mean everybody.
Has heard a farm bill for example it and -- -- effectively hijacked.
Social media for awhile and I think.
Just more and more games and more apps is going to be the way that people are going to to be moving toward generating revenue from from.
Social media particularly in mobile.
Writing on missile that lasted we had a guest talking about one of the private.
Places out there you can go -- to have your own social media community not to worry about obviously giving up all your rights that so many of the -- ones out there right now that a popular do.
I'm having so that being bulletin board is coming out or is out so it's kind of a combination of FaceBook interest all that kind of stuff.
Com you know what's the chances of this may be catching fire when you have a lot of competition out there now with.
They see what FaceBook has done they see how much money has been made by.
Literally thousands of people now you're having even more copy -- so to speak come out what do what do you think of the being bulletin board concept.
-- also Microsoft so -- -- is is this new being bulletin board as it's been dubbed -- it did debut this week and Don you know it's funny because some people are saying that.
It's going to be a competitor that are -- rival FaceBook.
-- what I wanna point out is that -- face but you know -- and social media as we know it today there was no FaceBook so.
Why are people looking for our rival FaceBook is doing what it does well and it will continue to do what it does well.
And I think if technology companies want to answer and the space they need to come up with something that's completely different and completely revolutionize this.
The way that people can compute in the way that they communicate.
I'm so I don't really seen being social -- -- Microsoft social having much traction.
You know Google -- Google Buzz couldn't duet with android behind them in Google search.
Then I just I don't see it Microsoft social having much success.
Yes going to be something it has to be something unique coming -- you have the idea FaceBook other papers and those other ones that are -- and obviously garnered so much support so you're gonna have to find something is gonna be different and did you more of the same basically -- is what you see with Google+ it -- the being a concept.
Speaking of new concepts we talked a lot classic about apple some of the products coming out the whole talk of the new iPhone and the new MacBook on -- kind of thing but there's also lot of talk going on with windows eight.
And that whole.
That whole operating system is supposed to be coming this -- right.
Yes supposed to be coming this fall and they're so much buzz about it already.
What Microsoft is trying to do is and -- tablet Marquette and take market share away from people who are.
Are really moving towards the iPad into not.
And one of the ways they're trying to do that is -- with this new windows eight operating system which is going to remove that dreaded.
Microsoft start menu from from the from operating -- -- and instead have tiles on the screen.
And they're looking to have some devices that are a hybrid of a tablet and a laptop.
And implementing this windows eight operating system on not so it'll be available on.
With -- -- HP so -- -- Toshiba all the major computer hardware manufactures.
And obviously didn't direct competition with apple try to keep that that two men raced continuous yeah absolutely and you know it's interesting I don't think that they'll have much success taking market.
Yeah I think Microsoft is going to really hold tight to its enterprise market.
I'm Microsoft offense and and windows is just the standard right now for an enterprise and business user.
But from the consumer market I think they're going to have a really hard time competing with with Mac in and the market share that they blossom and and you know even android is losing its grass.
You know people are overwhelmingly moving -- ipads and iphones.
Right now -- -- I wanna change topics totally now because.
When you talk about technology talk about how to balls are allies as we have in this conversation in this interview the last 010 minutes or so you know sometimes it can be daunting it can be overwhelming -- fact of the matter is.
As we know from even just our cell -- technology is 100% -- part of our life.
Having said that women in technology we nova made a major -- has been filed on.
You know what has it been like because as you know -- you're obviously a woman in your obviously evolving technology it's something it's been somewhat frustrating for some women that.
I don't say glass ceiling but it's definitely been kind of a guy's network and now you've -- You got this lawsuit to what what your thoughts on that.
You know when I heard about this say I it was just.
You know it's unfortunate because there is so much.
The conversation and about women and technology and it's just such a hot topic are ready.
You know this is -- VC company where AA woman.
Who -- is a partner in this fifty person company she recently filed a sexual harassment lawsuit.
-- -- there was gender discrimination and and and she had sexual harassment awareness workplace it's so now typically VC company -- are now dominated in the -- space is now dominated.
And this particular company where the suit was filed actually is way more gender diverse than the typical.
DC in Silicon Valley.
And so it was a little bit surprising -- people or rattled by the news of the sexual harassment lawsuit.
And and it like this and it's unfortunate reason I fill -- way is because women art.
Under represented in technology it's not really clear why that is you know whether it's because they're not getting the opportunity is -- they're not interested in technology the way that men -- But you know I I think that this is an isolated incident and and I don't think that it's necessarily a reflection of the way that women are treated in the technology space.
Women do have a lot of challenges but.
But I I don't think it's telling of the industry as a whole necessary -- Good it was a positive outlook you know what we want to go now from our kind of conversation bringing some of the viewers comments we have.
First -- -- shot off -- genial Gonzales who's watching us perceive that a deal that also from Charles Reece.
Yes pretty good question he says that shareholders should debate should have to be alert about their investment in FaceBook.
Don't blame the business that you've invested in if things start to go downhill especially -- social networking business that has no real product to offer consumers.
You know that's the one of the things -- we've heard over the course of the last couple weeks -- -- really does not for product but.
It does in some respects you have the advertising product that.
You know is meant to go after as you know they gather information and it goes after specifically.
Certain people that those products might -- of interest.
Gas slowly and you know one of the things that FaceBook should -- be considering I'm sure they are ready as of course doing more data mine -- so that they can you know sell.
And advertising more effective -- And of course you know offering a premium subscription service sort of like what Linkedin offers -- that may be an option to have a really.
Nice solid revenue stream and long term as well.
All right -- Jennifer are sort of our great nation it from C buy stock college -- -- came from a screen.
What about women in the industry I guess it's -- and I just -- -- -- -- network.
Yeah -- right exactly.
Not not not my intent -- -- -- our nation which you buy stock on the editor much appreciated.
Glad you came along -- -- have you back talk more about.
The tech industry in definitely with the whole FaceBook issue we know that is not going to go away any time soon there's what's the right there she buy stock come.
Edited by -- -- from New York Rene get thinks for your time and we.