Peter Kafka

Recent Posts by Peter Kafka

Wall Street to Yelp: Facebook Search Should Scare You

We won’t know what yesterday’s Facebook search announcement means for a long time. Could take years, really.

But the market made up its mind very quickly yesterday, and you can see it illustrated quite nicely below: It wanted to see more from Facebook, it thinks Google is just fine and it’s not worried about LinkedIn. But it thinks Yelp could see real competition from Mark Zuckerberg and company.

It’s pretty obvious in these Yahoo Finance charts, but just to be clear: Zuckerberg started speaking around 1 pm ET yesterday. The markets open in a few minutes, so we’ll see if anyone has rethought anything overnight.

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Just as the atom bomb was the weapon that was supposed to render war obsolete, the Internet seems like capitalism’s ultimate feat of self-destructive genius, an economic doomsday device rendering it impossible for anyone to ever make a profit off anything again. It’s especially hopeless for those whose work is easily digitized and accessed free of charge.

— Author Tim Kreider on not getting paid for one’s work