Are Tech Giants Too Much of a Good Thing?
Even on a bad day, one share of Amazon or Google stock is worth almost $1,000 per share.
It's all relative, but what does that mean for the average guy? It means that most people can't afford to buy the stock, and it represents the incalculable divide between the rich and the poor.
It is also what is wrong with the world, according to two startup investors. Wait, what?Too Big to Be Good
Bill Maris, who founded Alphabet's venture capital arm, and Sam Altman, president of startup accelerator Y Combinator, told a technology conference that big tech companies are too big. It's too much money in the hands of too few, they said.
"I do know that the tech backlash is going to be strong," said Altman. "We have more and more concentrated power and wealth."
It may sound a little like Republican power-brokers saying Donald Trump has too much power, but ... well, actually that is what they are saying. The startup makers said widespread discontent over inequality helped to put President Trump in office and "put technology companies in the crosshairs," Reuters reported.
With revelations that Facebook hosted Russian-paid adds to influence last year's election, people are concerned that social media companies have too much power. "The companies that used to be fun and disruptive and interesting and benevolent are now disrupting our elections," Maris said.
But We (Lawyers) Want It
Despite any social disconnect, Americans still want their social media. And it's all good for lawyers.
Industry counsel continue to be fully employed, and social media is the hottest area in lawyer marketing. It takes more than mass emailing; authenticity is the key to brand success.
"Users on social media are much more likely to read your content, share your content, and engage with you, if your posts are not dry, mechanical advertisements," writes FindLaw's George Khoury.
So if you can't afford Google stock, at least you can still blog for free. Or you can sell your old tech on Amazon and save up for some stock.
- More Lawyers Use Social Media, but Don't Know How It Helps (FindLaw's Strategist)
- Law Firm Social Media: Different Approaches for Twitter and Facebook (FindLaw's Strategist)
- More In House Lawyers Are Taking Up Social Media (FindLaw's In House)