Yearly Archives: 2018

Snap is getting crushed after a nightmare quarter

Markets Insider

Snap, the parent company of the messaging app Snapchat, lost 17 cents per share on revenue of $230.7 million during the first quarter, the company reported on Tuesday following the close of trading.

The company’s revenue missed analyst expectations by 6%, exactly the kind of performance the company did not need. Snap’s CFO Drew Vollero provided more gloomy news.

“We are planning for our Q2 growth rate to decelerate substantially from Q1 levels,” Vollero said, “with growth in auction impressions, partially offset by pricing for both Snap Ads and Creative Tools.”

In after-hours trading, the stock plummeted as low as 17 percent. Shares closed regular trading down slightly to $14.13. Before Tuesday, Snap’s shares had fallen 33% since a February high of $21.22.

Here’s what analysts had expected from the Venice, CA-based Snap:

  • A loss of 17 cents per share
  • Revenue of $243.55 million

Daniel Ives, an analyst with GBH Insights, sized up the company’s situation this way: “Any hopes of profitability in the near term appear to be out the window…We view 1Q as a major setback in gaining credibility with the Street.”

For the same quarter last year, Snap reported a loss of 20 cents per share on revenue of $149.65 million. The company has seen three rounds of layoffs just this year. The most recent came in March when Snap laid off 100 employees, mostly from the sales division.

Some of the improvements the company reported included a net loss $384. 2 million, which was 82% slimmer from the $2.2 billion net loss reported for the same period a year ago.

Snap’s management also said that daily active users grew from 166 million in Q1 2017 to 191 million in Q1 this year, a 15% increase. But Snap only picked up 4 million new users during this quarter, less than half of the 8.9 million new users the company reported in Q4, 2017.

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How a new media startup grew from 12 employees to 200 in a 18 months, and just landed $80 million to grow even more

Culture Trip founder and CEO Kris Naudts.

Culture Trip founder and CEO Kris Naudts.
Brew PR

  • Culture Trip is a fast-growing media site that just raised $80 million in its Series B funding round from a Dutch venture firm.
  • The company’s CEO says that Culture Trip’s success lies in its team of freelancers and its flexible content formatting.

A year and a half ago, media startup Culture Trip had a small online following and 12 employees.

Now, the site rakes in close to 15 million monthly unique visitors, and its 200 in-house employees are based across three continents. In addition to the company’s full time staff, the site relies on 300 freelance contributors to write articles about the best food, sights, and shopping in their local neighborhoods.

On Tuesday, the company announced an additional $80 million in funding in its series B round led by Dutch venture firm PPF Group, which also led the company’s $20 million series A in 2016. The money will help the site expand even more quickly.

Culture Trip CEO and founder Kris Naudts says his company’s fast-growing fleet of freelancers gives his company a competitive edge on other media outlets.

“We commission content out of house, so we have relatively low overhead,” Naudts said.”That’s the bit that set us apart — the quality at scale.”

Another factor, said Naudts, is the site’s pliable formatting: the site delivers up content in a mix of mediums, ranging from articles to videos to illustrations.

“We’re not a news or journalist outlet that suddenly goes visual,” said Naudts. Culture Trip’s coverage steers clear of political or current affairs, and instead offers up a mix of stories rooted in travel, food, art, and literature.

“There’s a huge appetite for this type of content,” said Naudts.

With its fresh cash infusion, Naudts said the company plans on expanding its reach (Naudts hinted at translating the site’s content into Spanish and French), and building out its base of freelancers worldwide.

And its investors are coming along for the ride.

“We see huge potential for [Culture Trip] to truly revolutionize the media and travel industries,” PPF Group’s chief officer for strategic projects Ladislav Chvatal said in a statement to Business Insider.

Twitter users share what they would like to do if they were rich enough — and the posts are heartwarming and hilarious

What would you do if you were rich enough?

What would you do if you were rich enough?

  • The hashtag #IdLikeToBeRichEnoughTo began trending on Twitter Wednesday.
  • Gossip blogger Perez Hilton got in on the action, saying he’d like to be rich enough to give away millions a year to charity.
  • Over 28,000 tweets and counting have been posted with the hashtag about a wishful financial situation.

One day after taxes were due, Twitter uses began thinking about their financial situation and what they would like to do – if only they were rich enough.

On Wednesday, the hashtag #IdLikeToBeRichEnoughTo began trending on Twitter. Tweets poured in with people sharing what they would like to do if they could afford it.

A lot of tweets mentioned things like travelling or donating to charity, while others expressed interest in dressing up as Batman, just because. Whether heartwarming or hilarious, the responses are great to read.

What would you do if you were rich enough? Check out what a bunch of popular tweets said.

Some tweeters would like to be rich enough to splurge on themselves…

Some would help out others…

Others were just trying to be funny (hopefully)…

Twitter investors take aim at fake news, hate speech, and harassment — but the company says it’s already doing all it can

  • A group of Twitter shareholders is urging the company to prepare a report on the steps its taking to combat fake news and other abuses of its service.
  • The shareholders are also urging the company to include in the report the financial and other regulatory risks it faces from such abuses.
  • The request comes in the form of a shareholder proposal; the company’s board of directors opposes the measure, saying the company is already doing and disclosing enough, concerning such fake news and other abuses.

Arguing that Twitter isn’t taking the problems of fake news and hate speech seriously enough, a group of the company’s shareholders are urging it to report back to investors on what steps it’s taking to combat misinformation and other abuses of its service.

The New York State Retirement Fund and Arjuna Capital have filed a shareholder proposal that would encourage Twitter to put together a detailed report about how well it’s doing enforcing its social network’s terms of service, the company disclosed in a regulatory document on Wednesday. The shareholders are also urging the company to include in the report the possible financial and other risks it faces from fake news and similar controversies.

“Shareholders are concerned that Twitter’s failure to address these issues proactively has created regulatory, legal, and reputational risk,” the investors said in their proposal. “We believe Twitter has an obligation to demonstrate how it manages content to prevent violations of its terms of service. Yet, disclosures have been inadequate.”

For its part, Twitter’s board of directors urged the company’s investors as a whole to reject the proposal. The company has not only made numerous updates to its service and policies over the last year or so to address and reduce abuses, it says, it’s been transparent about disclosing them. Providing more information to the public about such efforts could give “a roadmap for those bad actors who are seeking to evade abiding by our terms,” the board said.

“Our board of directors believes that this proposal is not in the best interests of Twitter or our stockholders, and unanimously recommends that you vote ‘against’ this proposal,” the board said in its written response to the shareholder proposal in the regulatory document.

Twitter, along with Facebook and Google, has been in the sights of regulators over the last year, following reports that Russian-backed groups hijacked those companies’ services to spread propaganda and other misinformation in an alleged attempt to influence the 2016 presidential election. Twitter has also come under criticism for the abundant amount of hate speech posted on its service, and the numerous cases of harassment of particular users.

In their proposal, the retirement fund and Arjuna Capital listed some of the more notable incidents, and quoted both regulators and Twitter CEO Jack Dorsey himself saying the company wasn’t doing enough to battle offensive and illegal posts. The company hasn’t seemed to be able to get ahead of the problem, they said.

Twitter’s “content policies appear reactive, not proactive,” the said.

As a result, they noted, regulators are stepping in – or threatening to do so. Germany has already put in place a new law that threatens to fine social networks if they don’t quickly remove illegal posts, and US lawmakers are considering new regulations themselves, the proposal noted.

For its part, Twitter’s board said that compared with last year, the company is “taking action” on 10 times as many accounts that violate its policies is suspending thousands more accounts each day than before. It’s also provided regular updates to the public and policymakers about its investigation into the abuse of its service during the 2016 election, the board said.

“We […] believe in being transparent with respect to our rules and how we enforce them, and have made significant progress in reporting out to all of our users on our progress,” the board said.

In addition to the shareholder proposal, Twitter’s regulatory document revealed that it paid Dorsey $0 last year. He didn’t receive a salary, bonus, stock-based compensation, or any other compensation.

Instead, he “declined all compensation,” according to the report.

However, the company paid Ned Segal, its new chief financial officer, $14.3 million in total compensation. Segal, who took the job in August, received a pro-rated salary of $165,385; a signing bonus of $300,000; a restricted stock award worth $13.8 million; and $1,500 in contributions to his retirement account.

Meanwhile, the document revealed that the median Twitter worker makes $161,860 in total compensation, including salary, bonus, stock grants, and retirement account contributions.

Mark Zuckerberg just renounced a core piece of Silicon Valley wisdom — and it could come back to bite Facebook

Facebook CEO Mark Zuckerberg.

Facebook CEO Mark Zuckerberg.

  • Mark Zuckerberg told US Congress that “I agree we are responsible for the content” on Facebook.
  • It’s a stark claim from Zuckerberg, who has previously claimed that Facebook is not a media company, and that it takes no responsibility for what gets posted to the platform.
  • Twitter, Google, and other tech companies have made similar claims.

“I agree we are responsible for the content [on Facebook],” CEO Mark Zuckerberg told a joint session of the United States Congress today.

With one short sentence, Zuckerberg rejected a long-time chestnut in Silicon Valley: that platforms aren’t responsible for the content posted by users.

It’s a line that companies like Twitter, Google, and Facebook itself have often fallen back on, to explain why they’ve been slow to address issues of hate speech, harassment, and misinformation on their services.

Facebook itself has repeatedly claimed that it’s not a media company, and has no interest in making editorial judgments – and that it’s largely up to users to sift truth from lies. While the social network has made some tools available to better detect fake news and misinformation, it’s long left the ultimate responsibility up to users.

Now that Zuckerberg has claimed, in an incredibly public forum, that Facebook is responsible for the content posted to the social network, these excuses no longer hold water.

Later in his testimony, Zuckerberg attempted to walk back his comments slightly.

“I agree that we’re responsible for the content, but we don’t produce the content,” Zuckerberg said later in his testimony. He said that while he sees Facebook as a tech company, not a media company, it has a certain responsibility to its users. That responsibility isn’t editorial in nature, though, he said.

This genie is now out of the bottle, though, and there are sure to be repercussions, as critics use his own remarks against him.

Facebook did not immediately respond to a request for comment.

More on Zuckerberg’s blockbuster hearing:

Twitter is so ‘toxic’ that Amnesty International is enlisting a ‘Troll Patrol’ to help police it

Twitter CEO Jack Dorsey has been called out directly by Twitter users for the company's lag in addressing misconduct and harassment on the service.

Twitter CEO Jack Dorsey has been called out directly by Twitter users for the company’s lag in addressing misconduct and harassment on the service.
Bill Pugliano/Getty Images

  • Human rights watchdog Amnesty International has launched Troll Patrol, a project that will assign digital volunteers to analyze abusive tweets aimed at women on Twitter.
  • The project follows Amnesty’s #ToxicTwitter report, which detailed the results of a 16-month long investigation into how harassers and abusers target women on the social media platform.
  • The goal of the project is to provide data to Amnesty researchers to develop an algorithm that can be used to automatically detect abusive tweets, putting pressure on Twitter to up its game.

Amnesty International is taking it upon itself to help police harassment on Twitter.

On Wednesday, the human rights organization commenced with Troll Patrol,” a project which will recruit volunteers to find and analyze potentially abusive tweets directed at female journalists, activists and politicians.

In the short term, the idea is to sift for patterns in these abusive or harmful tweets, and publish the findings. Amnesty’s long-term goal is to use these classified tweets to build an algorithm that Twitter could potentially use to automatically detect abusive tweets without human intervention.

“The more evidence we have to show Twitter how large this problem is and how it affects women of different identities in particular – ideally that will just all put pressure on the company to meet our cause and our demands for the #ToxicTwitter campaign and to show that this is an issue that they are going to take concrete action on,” Azmina Dhordia, technology and gender researcher at Amnesty International, told Business Insider.

The #ToxicTwitter campaign she mentions is a report, released two weeks ago, condemning Twitter for not taking users’ claims of harassment seriously. It’s a 77-page study detailing the results of a 16-month long investigation of how women on Twitter experience online abuse.

All of this comes months after Twitter announced new rules to tackle misconduct on the platform, an improvement that Dhordia said is always welcome when working to better police Twitter’s content. But the problem, said Dhordia, is not the lack of rules.

“Much of the problem that women face when they experience abuse on Twitter is that Twitter’s own policies are not always being consistently and adequately enforced,” said Dhordia.

The trouble with Twitter

Amnesty International’s problem with Twitter’s handling of harassment largely stems from a lack of transparency, says Dhordia. She said the organization has repeatedly urged Twitter to disclose the number of abuse reports it receives, as well as how many content moderators are employed to review content, and details on how Twitter trains them.

“It’s difficult for us to exactly pinpoint what the problem is if they’re saying that they don’t want to tell us that information,” said Dhordia.

For its part, Twitter CEO Jack Dorsey has committed to being more open and transparent, as he works to shake the company’s reputation for being a safe haven for harassers and bullies. In a statement to Business Insider, Vijaya Gadde, legal, policy and trust and safety lead at Twitter, said “We look forward to ongoing constructive engagement with Amnesty International and others to find real, lasting solutions to ensure women are safer and feel safer online.”

Still, while Twitter has a reporting system in place for users to flag instances of harassment, using it often results in no action from the social media platform.

In one infamous case, Twitter user @hannahgais’s reported a video of a man masturbating, sent to her in a private message Twitter’s review team initially found no violation. Only after directly calling out Twitter CEO Jack Dorsey in a public tweet was her claim addressed. See the thread below.

This kind of abuse extends up to the highest levels of power, making the Troll Patrol’s mission more urgent. According to Amnesty International, Black and Asian female MPs in the UK received 35% more abusive tweets than white female members of parliament in a study completed leading up to the 2017 UK election. Just look at some of the messages recieved by Dawn Butler, a member of Britain’s Parliament.

Decoding the Troll Patrol

Anyone can become a volunteer for the Troll Patrol through an online portal. Those volunteers will get the title of Decoder. At the moment, Amnesty has recruited 557 of a planned 10,000-plus Decoders into the Troll Patrol.

Once assigned, the Decoder will sift through a designated pool of potentially abusive tweets, which currently sits at 501,796, scanning for any signs of abuse or harassment and classifying what they see. Perhaps it’s a violent threat in the form of a photo, or includes a video that uses sexist or racist language.

Amnesty acknowledges that reading abusive tweets can be traumatic for these Decoders, which is why a disclaimer message will pop up reminding the volunteers to take breaks as needed. A similar message will appear after every 10 abusive tweets are flagged and analyzed.

There are limitations to what these Decoders can do: While they can analyze, research, and help sift public-facing Twitter data, private messages are offlimits to anybody who doesn’t work for the company. Really, as much as anything else, a big goal is just to demonstrate to Twitter that there’s more that it can – and should – do.

“As a company Twitter has a responsibility to respect human rights and we’re trying to show them how women are experiencing violence and abuse on the platform,” says Dhordia.

British politicians slam Mark Zuckerberg as ‘cowardly’ for refusing to testify to Parliament

Facebook Founder and CEO Mark Zuckerberg delivers the commencement address at the Alumni Exercises at Harvard's 366th commencement exercises on May 25, 2017 in Cambridge, Massachusetts.

Facebook Founder and CEO Mark Zuckerberg delivers the commencement address at the Alumni Exercises at Harvard’s 366th commencement exercises on May 25, 2017 in Cambridge, Massachusetts.
Paul Marotta/Getty Images

  • British politicians have labeled Facebook CEO Mark Zuckerberg “cowardly” and “absolutely astonishing.”
  • The 33-year-old exec has refused an invitation to appear before a Parliamentary committee over the Cambridge Analytica scandal.
  • He has reportedly agreed to testify before US Congress – but apparently won’t do the same in the UK.

Mark Zuckerberg has been branded “cowardly” and “absolutely astonishing” by British politicians after rejecting a request to appear before a Parliamentary committee following the Cambridge Analytica scandal.

The Facebook CEO was hit by a barrage of criticism in the UK on Tuesday, after he refused to appear before a Parliamentary select committee inquiry and offered up two senior executives in his place. On Tuesday, it was reported that the 33-year-old chief exec would testify before US Congress – but his team have confirmed he doesn’t plan to head the British Parliament’s request.

“This isn’t just cowardly,” tweeted Tom Watson MP, deputy leader of the Labour Party. “It’s completely unacceptable.”

Conservative MP Damian Collins, the committee chair, said on Tuesday that it was “absolutely astonishing” that the CEO would not attend.

“I think, given the extraordinary evidence we’ve heard so far today, it is absolutely astonishing that Mark Zuckerberg is not prepared to submit himself to questioning in front of a parliamentary or congressional hearing, given these are questions of fundamental importance and concern to his users, as well as to this inquiry,” he said, as the Guardian reported.

“I would certainly urge him to think again if he has any care for people that use his company’s services.”

Facebook has found itself in the middle of a political firestorm in recent weeks over Cambridge Analytica, a political research firm whose clients included Donald Trump’s 2016 presidential campaign. The company was able to obtain 50 million Facebook users’ personal information without their knowledge or consent, and Facebook stayed silent about the violation for two years.

The social network and its executives have since apologised and promised reform, but the incident has prompted significant scrutiny of the company’s broader privacy practices, and led to lawmakers calling for Mark Zuckerberg to testify.

In a letter published earlier on Tuesday, Facebook’s UK head of policy Rebecca Simon said: “Facebook fully recognises the level of public and Parliamentary interest in these issues and support your belief that these issues must be addressed at the most senior levels of the company by those in an authoritative position to answer your questions.

“As such, Mr. Zuckerberg has personally asked one of his deputies to make themselves available to give evidence in person to the Committee.”

A Facebook spokesperson did not immediately respond to Business Insider’s request for comment.

People are freaking out that Facebook’s Android apps collect call and text data — but Facebook says it got permission

  • A Facebook user was startled to find that the social network had been keeping records of his phone calls and texts. A report from Ars Technica corroborated his findings.
  • In response, Facebook says that it’s an opt-in feature on Messenger for Android, as well as the low-data Facebook Lite – and that it’s about making the social network better.
  • However, there’s reason to believe that the main Facebook app could have been quietly collecting this data too, until Google made some changes to Android in October 2017.

Over the weekend, one Dylan McKay downloaded the archive of all his Facebook data – and found that the social network had been keeping extensive records of the calls and texts he had made from his Android phone.

A report from Ars Technica corroborated McKay’s findings not long after: under certain circumstances, Facebook’s Android apps will keep logs showing the names of the people you called and texted, how long the conversation lasted, and the other party’s phone number.

McKay’s original Twitter post has almost 40,000 retweets at the time of writing. Privacy fears around Facebook are at an all-time high following the Cambridge Analytica scandal, where 50 million users had their data used improperly by a political research firm.

In response to reports over the weekend, Facebook published a blog entry giving its side of the story.

First, Facebook says, it didn’t do anything without permission. It says that keeping logs of call and text data is an opt-in feature on two of its Android apps: You get prompted to share that data upon installing Facebook Messenger, and the low-data Facebook Lite. Keeping those records “helps you find and stay connected with the people you care about, and provide you with a better experience across Facebook,” says the blog.

The screen on Facebook Messenger for Android that prompts you to upload your call history.

The screen on Facebook Messenger for Android that prompts you to upload your call history.

It also says that the data is not sold to any third party, and that Facebook doesn’t read your texts or listen to your phone calls. Besides, says Facebook, it’s not crazy to ask for access to your contacts: “Contact importers are fairly common among social apps and services as a way to more easily find the people you want to connect with.”

However, the Ars Technica report gives a little more reason for Android users to worry.

Until Google instituted some changes in October 2017, allowing an app to access your contacts could also give it access to the kinds of call and text records in question in this matter. According to the report, all of the call and text records end in October 2017 – which suggests, but does not prove, that the main Facebook app for Android was taking advantage of that method to get the data.

Still, Facebook maintains that this has always been an opt-in feature, and that users would have been prompted.

Also of note is that Apple’s iOS, the operating system on the iPhone and iPad, doesn’t allow that kind of access to call and text data at all without very specific permission. That means Apple fans don’t have to worry as much about Facebook having call or text records.

Facebook provides a tool to see which contacts have been uploaded to Messenger, which you can get to here. But it’s a good reminder – if you’re really concerned about online privacy, think twice about uploading your address book.

Read the full Ars Technica report here.

Facebook’s boycotts could be more insidious than anyone realizes

Facebook CEO Mark Zuckerberg.

Facebook CEO Mark Zuckerberg.
Drew Angerer/Getty Images

  • The #DeleteFacebook campaign is gaining steam as Facebook is facing criticism for its role in the 2016 election.
  • But Facebook’s biggest problem may not be losing users – it may be losing employees.
  • Some Facebook employees are increasingly demoralized, The New York Times reports, and others are looking to transfer to other divisions in the company.

A campaign for Facebook users to delete their accounts is gaining steam as Facebook finds itself in another political controversy.

But Facebook could have a bigger problem on its hands.

In the wake of last week’s news that millions of Facebook users had their data improperly harvested by a political-consulting firm during the 2016 election, The New York Times reported deteriorating morale among Facebook employees.

Some Facebook employees are considering selling their company stocks, The Times reported, while others are looking to transfer to other divisions of the company like WhatsApp and Instagram.

Fueling employees’ discontent is the perceived inaction of CEO Mark Zuckerberg, who before late Wednesday afternoon had remained silent on the data-harvesting issue. The Daily Beast reported that neither Zuckerberg nor the company’s chief operating officer, Sheryl Sandberg, faced employees at a company briefing about the issue on Tuesday.

If Facebook’s reputation continues to take a hit, the company risks losing employees and having potential employees avoid it entirely. Kevin Roose, the author of the Times article, argued that employee morale was a far more significant threat to Facebook than a revolt among users.

“Bad PR and angry regulators are bad for Facebook. But this kind of employee morale is much worse,” he said in a tweet.

Though Facebook has seen its share of controversy over the years, employees have consistently reported high levels of satisfaction. The company was recently named the best place to work in America for the third year in a row, according to the career-ratings site Glassdoor, and transparency between upper management and employees was a big reason.

“Lots of people want answers, including Facebook’s employees,” Ina Fried of the news website Axios said.

The tech writer Simone Stolzoff compared the situation to the one Uber employees faced last year after Travis Kalanick, then the CEO of the ride-hailing company, drew criticism for joining President Donald Trump’s business-advisory board. The company faced further backlash weeks later when customers accused the company of attempting to undermine a taxi-driver strike at the John F. Kennedy International Airport in New York City.

“The biggest fallout of #deleteuber wasn’t about the bottom line,” Stolzoff tweeted on Wednesday. “It was all of the engineers’ friends asking them to explain why they work at Uber over beers.”

Zuckerberg addressed his company’s role in the data breach in a Facebook post on Wednesday, saying, “I started Facebook, and at the end of the day I’m responsible for what happens on our platform.”

Once a year, Facebook bombards employees with custom balloons and shout outs — and even Mark Zuckerberg participates

“It’s a big deal.”
Kobby Dagan/Shutterstock

Facebook hypes up employees’ work anniversaries.

• Employees celebrate their “Faceversaries” with balloons and lots of Facebook posts.

• Facebook VP of HR Janelle Gale told Business Insider that the tradition is all about thanking employees and recognizing them for their work.

Facebook takes work anniversaries seriously.

“Faceversaries,” as they’re known, are celebrated annually. At the tech giant, they’re pretty much like work birthdays, complete with balloons and a deluge of social media posts.

“We really visibly celebrate peoples’ time at Facebook,” Facebook VP of HR Janelle Gale told Business Insider. “It’s a big deal.”

Gale said that Facebook has an “internal ticker” tracking the percentage of people that you’re ahead of in terms of tenure. People track their status as a “point of pride,” she said.

Glassdoor recently ranked Facebook as the best place to work in 2018. Gale even spoke about maintaining a positive company culture at Glassdoor’s Best Places to Work Tour.

When a person’s “Faceversary” rolls around, coworkers can festoon each others’ desks with customized balloons from the campus store. Managers and colleagues also take to social media to commemorate the person’s time at Facebook.

“It’s literally a post on Facebook and a thank you for the work that they’re trying to build the community,” Gale said.

People celebrating a “Faceversary” will also often post about any accomplishments they’re particular proud of.

CEO Mark Zuckerberg also gets in on the action. In a post honoring COO Sheryl Sandberg’s “Faceversary,” he wrote, “Sheryl, you’ve done so much to grow our community, our business and our culture these past 8 years, and to help me grow as a person. I can’t imagine being on this journey to connect the world without you.”

Recode reported that Zuckerberg is also known to commemorate “long-tenured” individuals’ “Faceversaries” during his Friday afternoon company Q&A sessions. Sometimes, he’ll even call on longtime Facebook employees to get up and reflect on their favorite work memories.

Gale said “Faceversaries” tie into the community behaviors that Facebook encourages in order to keep up its connected and engaged culture.

“It’s the expectation that you help Facebook operate better, and you have a role to play in that,” Gale said. “What we’re doing is thanking people and recognizing them for the work they’ve done over the prior year.”