It is a bit spooky to write about tech firms, previously Amazon and Alibaba, and now Facebook. One man, one idea and a huge leap of faith are some of the characteristics of people shaping our world today — and our future. Again and again, all the systems, all the tech, all of it — it is all about people. Is Facebook a different story? Join me and discover world of tech Gods.
这是一个有点怪异写的高科技公司，此前亚马逊和阿里巴巴 ，现在的Facebook。 一个人，一个主意和巨大的信念飞跃是塑造我们当今世界以及我们未来的人们的一些特征。 一遍又一遍，所有的系统，所有的技术，所有的一切-都是关于人的。 Facebook是另外一个故事吗？ 加入我的行列，探索科技之神的世界。
Social media mogul Mark Zuckerberg ranks among the most powerful men in the world. As the head of Facebook, Zuckerberg became a billionaire at a very young age. And yet, we know relatively little about Zuckerberg. Who he is, where he’s come from and, most importantly, where he’s headed.
社交媒体大亨马克·扎克伯格(Mark Zuckerberg)跻身世界上最有权势的人之列。 作为Facebook的负责人，扎克伯格很年轻就成为了亿万富翁。 但是，我们对扎克伯格的了解相对较少。 他是谁，来自哪里，最重要的是他的去向。
Mark Elliott Zuckerberg was born on 14 May 1984 in White Plains, New York. He excelled in high school and transferred to the famous boarding school Phillips Exeter Academy in New Hampshire (whose endowment stands at over one billion dollars) where he excelled at maths, astronomy and physics. Here, he also became the captain of the fencing team.
马克·埃利奥特·扎克伯格(Mark Elliott Zuckerberg)于1984年5月14日出生于纽约怀特普莱恩斯。 他在高中时表现出色，并转入新罕布什尔州著名的寄宿学校菲利普斯·埃克塞特学院(其捐赠基金超过10亿美元)，在那里他擅长数学，天文学和物理学。 在这里，他还成为了击剑队的队长。
Zuckerberg’s father, Edward, a dentist, taught him Atari BASIC Programming in the 1990s, later hiring a software developer to tutor him. Mark went on to create a software program called ZuckNet — a system of communication between the computers in his home and his father’s dental office.
扎克伯格的父亲爱德华(Edward)是一名牙医，他在1990年代教他Atari BASIC编程，后来雇用了一名软件开发人员来教他。 马克接着创建了一个名为ZuckNet的软件程序，该程序是他家中的计算机与父亲的牙科诊所之间的通信系统。
He was also part of a group that built a music playing software called Synapse Media Player during his high school years. In the accompanying section on Synapse team members, teenage Zuckerberg described himself as a “[p]rogrammer god.”
在高中期间，他还是一个开发名为Synapse Media Player的音乐播放软件的团队的成员。 在有关Synapse团队成员的随附章节中，青少年的扎克伯格将自己形容为“ [r] grapher神”。
However, Zuckerberg did not conform to the nerdy programmer stereotype in his youth.
然而，扎克伯格在他的青年时代并不符合书呆子程序员的刻板印象。
Zuckerberg went on to Harvard University, where he read psychology and computer science. At university, Zuckerberg garnered a reputation as a programming prodigy. Fledgling endeavours included CourseMatch, a program which allowed users to select classes according to the choices of other students, and form study groups accordingly.
扎克伯格去了哈佛大学，在那里他读了心理学和计算机科学。 在大学里，扎克伯格获得了编程天才的美誉。 初出茅庐的努力包括CourseMatch，该程序允许用户根据其他学生的选择来选择课程，并相应地组成学习小组。
In January 2004, Zuckerberg began writing code for a new site which came to fruition on 4 February 2004 when he launched thefacebook.com from his Harvard dorm room. The Facebook — the “the” was later dropped — began as an exclusive social network for Harvard students before expanding to other elite colleges in the US, including Columbia, Yale, NYU and Stanford.
2004年1月，扎克伯格开始为一个新网站编写代码，该网站于2004年2月4日在哈佛大学宿舍室启动thefacebook.com时得以实现。 Facebook(后来被删除了)最初是作为哈佛学生的专属社交网络，然后扩展到美国的其他精英大学，包括哥伦比亚大学，耶鲁大学，纽约大学和斯坦福大学。
Zuckerberg dropped out of Harvard in his sophomore year to develop Facebook full-time. He moved out to Palo Alto, California with a bevy of peers including roommate Dustin Moskovitz in order to take Facebook to the next level. Here, he met with the titanic Peter Thiel, who invested in the company. Some sixteen years later, Facebook boasts an astronomical 2.7 billion users.
扎克伯格在大二的时候退出了哈佛，全职开发Facebook。 他与包括室友达斯汀·莫斯科维茨(Dustin Moskovitz)在内的许多同行搬到加利福尼亚的帕洛阿尔托，目的是将Facebook推向新的高度。 在这里，他会见了泰坦尼克号彼得·泰尔，后者投资了该公司。 大约十六年后，Facebook拥有27亿的天文数字用户。
In May 2017, Zuckerberg was awarded an honorary degree from Harvard University.
2017年5月，扎克伯格被哈佛大学授予荣誉学位。
您就是产品的商业模式 (A business model where YOU are the product)
One of the most compelling characteristics of the tech giants’ business models is the so-called “network effect”, whereby the value of their service increases with a higher number of users. Social media platforms are the prime example here. With each new user, the pool of potential connections and scope for content sharing increases. Once critical mass has been achieved, it is hard for rivals to lure users away from the market leaders. By now, it’s widely understood that Facebook’s voracious appetite for user data is driven by their business model which charges advertisers for access to precisely targeted segments of their massive consumer database. No one knows more about you than Facebook.
科技巨头商业模式最引人注目的特征之一就是所谓的“网络效应”，即随着用户数量的增加，其服务价值也随之增加。 社交媒体平台是这里的主要例子。 每增加一个新用户，潜在的连接池和内容共享的范围就会增加。 一旦达到临界质量，竞争对手就很难吸引用户离开市场领导者。 到目前为止，众所周知，Facebook对用户数据的狂热欲望是由其商业模式驱动的，该商业模式向广告商收取访问其庞大消费者数据库中精确定位的细分受众群的费用。 没有人比Facebook更了解您。
It looks as if Facebook has built the best business model in the world. Achieving high scale and high growth and high profit margins unmatched by any high-tech company, including Google, Amazon, Apple, and Netflix.
看来Facebook建立了世界上最好的商业模式。 实现大规模，高增长和高利润率，这是包括谷歌，亚马逊，苹果和Netflix在内的任何高科技公司所无法比拟的。
Facebook’s astonishing financial success is captured by the mnemonic 50/50/50/500: in round numbers, a $50 billion annual revenue run rate, growing at 50% per year with a 50% operating income margin, generating a market cap of nearly $500 billion.
Facebook惊人的财务成功被助记符50/50/50/500所捕获：按整数计算，年收入运行速度为500亿美元，每年以50％的速度增长，营业利润率为50％，市值接近500美元十亿。
Most of the products provided by Google and Facebook are ostensibly free, resulting in huge consumer surplus. One study cited in the Economist estimated that users value “search” at around $16,600 per year, “maps” at $2,800 and “video” at $900. Clearly, we as users are creating value for the firms as they harvest our data, which they can then monetise through sales to advertisers. In surveys, consumers claim that we value our data highly and are not willing to trade it for services, but our behaviour strongly suggests otherwise. Unthinkingly, we all tick consent boxes and allow cookies rather than interrupt our browsing/purchasing experience, and data breaches appear to have little to no impact on our behaviour. Facebook currently generates revenue of just $20 a year from each user — almost all from advertising — versus a value of $750 that users derive from the platform according to a recent MIT study. Facebook has been particularly cautious of increasing its ad load, wary that any improvement in near-term monetisation might come at the cost of reduced user engagement.
谷歌和Facebook提供的大多数产品表面上都是免费的，从而导致了巨大的消费者剩余。 《经济学人》引述的一项研究估计，用户对“搜索”的评价约为每年16,600美元，对“地图”的评价为每年2,800美元，对“视频”的评价为900美元。 显然，我们是用户，他们在收集数据时为公司创造价值，然后可以通过向广告商的销售来获利。 在调查中，消费者声称我们非常重视我们的数据，并且不愿意将其用于服务，但是我们的行为强烈表明并非如此。 没想到，我们都勾选同意框并允许cookie而不是中断我们的浏览/购买体验，并且数据泄露似乎对我们的行为几乎没有影响。 根据麻省理工学院最近的一项研究，Facebook目前每个用户每年仅产生20美元的收入，几乎全部来自广告收入，而用户从该平台获得的价值为750美元。 Facebook对于增加广告负载特别谨慎，并警告称短期内获利的任何改善都可能以减少用户参与为代价。
Other companies can only dream of running a company like this: Facebook has no cost of goods sold (individual users and companies provide content for free) and it does not have marketing costs (user word-of-mouth and viral network effects spur continuous growth). On the top of it, Facebook does not have selling costs (most advertisements are purchased through a self-service, automated ad placement platform).
其他公司只能梦想经营这样的公司：Facebook没有商品销售成本(个人用户和公司免费提供内容)，也没有营销成本(用户口碑和病毒网络效应刺激了持续增长) )。 最重要的是，Facebook没有销售成本(大多数广告是通过自助式自动广告放置平台购买的)。
If you were in charge of such a money-making machine, would you be eager to change this business model? Consider that Facebook’s average revenue per user (ARPU) in North America was $84.41 in 2017. To replace this revenue in an ad-free service, Facebook would have to charge each user at least an amount equivalent to its current ARPU. How many members of the Facebook “community” (as Zuckerberg is fondly wont to call it) would be willing to pay this amount for the privilege of not seeing ads they never asked for and not being spied on across the Internet? Not many.
如果您负责这种赚钱机器，您是否渴望改变这种商业模式？ 考虑到Facebook在北美的平均每用户收入(ARPU)在2017年为84.41美元。要在无广告服务中取代此收入，Facebook必须向每个用户收取至少等于其当前ARPU的金额。 多少个Facebook“社区”成员(扎克伯格很乐意称其为“社区”成员)愿意支付这笔费用，以获得不见他们从未要求的广告并且不会在互联网上被监视的特权？ 不太多。
It is therefore inaccurate for Zuckerberg to justify his company’s business practices by comparing Facebook with “a lot of media, having an advertising-supported model as the only rational model that can support building this service to reach people.” In reality, Facebook has hollowed out the readership and drained the advertising revenues from media companies, causing many to shift to subscription-based revenue sources for survival.
因此，扎克伯格通过将Facebook与“许多媒体，广告支持的模型作为唯一可以支持构建此服务以覆盖人们的理性模型”进行比较来证明其公司的商业行为是不正确的。 实际上，Facebook挖空了读者群，耗尽了媒体公司的广告收入，导致许多人转向基于订阅的收入来源以求生存。
Either as investors or as human beings, it’s fair to say we can no longer think of Facebook merely as a profit-making company. Its global footprint makes it the world’s first interconnected public square — and that introduces opportunities to do both good and bad, at scale.
公平地说，无论是作为投资者还是作为人类，我们都不能再将Facebook仅仅视为一家盈利公司。 它的全球足迹使它成为世界上第一个相互关联的公共广场-并带来了机会，无论规模大小，它都有好有坏。
Facebook-一个好的环保公民？ (Facebook — a good environmental citizen?)
Facebook helped usher in the era of green data centres already ten years ago. In January 2010, the company publicly committed to opening a reimagined data centre, built from the ground up to be energy efficient in ways no one had previously considered. The Prineville, Oregon, facility opened in April 2011 and is still serving users today.
Facebook已经在十年前引领绿色数据中心时代。 2010年1月，该公司公开承诺开放一个经过重新构想的数据中心，该中心从头开始全面构建，以前所未有的能源效率实现。 俄勒冈州Prineville的工厂于2011年4月开业，今天仍在为用户提供服务。
Facebook has the luxury of rethinking dominant approaches when it comes to sustainability. The company is also obviously operating at massive scale. Its facilities in Luleå, Sweden, and in Altoona, Iowa, are powered by 100% renewable energy — hydro in Luleå and wind in Altoona.
在涉及可持续性方面，Facebook可以重新考虑主导方法。 该公司显然也正在大规模经营。 它在瑞典吕勒奥和爱荷华州阿尔图纳的设施均由100％可再生能源提供动力-吕勒奥的水力发电和阿尔图纳的风能。
Another way that Facebook is able to cool its data centres is through an outside-air cooling system, instead of a massive air conditioner, to cool its facilities. By drawing the outside air into the penthouse section of the data centre, the air travels through filters and is regulated for humidity and temperature as necessary. Once that air moves across the electronics and is heated back up, it’s recycled or pushed out of the building using giant exhaust fans.
Facebook能够冷却其数据中心的另一种方法是通过室外空气冷却系统而非大型空调来冷却其设施。 通过将外部空气吸入数据中心的阁楼部分，空气会通过过滤器，并根据需要调节湿度和温度。 空气流过电子设备并被加热回去后，利用巨型排气扇将其回收或推出建筑物。
It’s not just in data centre energy usage that the company looks to be a good environmental citizen — the approach extends to their other facilities. Their Menlo Park campus demonstrates this.
该公司看起来不仅是数据中心的能源使用方面的良好公民，而且还扩展到了其他设施。 他们在Menlo Park的校园展示了这一点。
Facebook is also a founding part of the Open Compute Platform, an industry organisation that aims to improve all parts of data centre design, from the servers themselves, to the buildings they are housed within. Facebook deserves at least some credit for inspiring Microsoft and others to think bigger. Why? In this case, Facebook freely published the designs that made Prineville a state-of-the-art facility ten years ago. Today, there are roughly 200 organisations participating in and contributing to the project. Facebook has communicated that it has been running on 75% renewable power in 2018 and is on track to get to 100% in 2020.
Facebook还是开放计算平台(Open Compute Platform)的创始成员，该组织致力于改善数据中心设计的所有部分，从服务器本身到其所容纳的建筑物。 Facebook至少应受到鼓舞，以鼓励微软和其他公司大胆思考。 为什么？ 在这种情况下，Facebook自由发布了使Prineville成为十年前最先进设施的设计。 如今，大约有200个组织参与并为该项目做出了贡献。 Facebook表示，它已在2018年使用75％的可再生能源发电，并有望在2020年达到100％。
And they actually walk the talk. In this chart you can see that Facebook is well on track to meet the targets set in the Paris Agreement.
他们实际上是在讲话。 在此图表中，您可以看到Facebook有望实现《巴黎协定》中设定的目标。
为了更大的利益还是为了上帝？ (For the greater good or God?)
Trading in people’s data is an inherently conflicted business that can force leaders to choose between profit and protecting users. Measuring “social value”, and how much of it is created or destroyed by big tech, is far from straightforward.
人们的数据交易是与生俱来的冲突，可能迫使领导者在利润和保护用户之间做出选择。 衡量“社会价值”以及由大型技术创造或破坏的价值远非易事。
Most will remember the feeding frenzy over shares and the extraordinary market value of the company at its debut — $100 billion — or the 50% haircut in value investors endured over the ensuing 90 days.
大多数人会记得公司股票上市之初的狂热狂潮和非凡的市值-1000亿美元-或在随后的90天内承受的50％的减值。
I remember Zuckerberg’s letter and the powerful, hopeful vision he penned about a more connected, more just, more peaceful world:
我记得扎克伯格的来信和他对建立一个更加联系，更加公正，更加和平的世界所寄予的强大而充满希望的愿景：
“These days I think more and more people want to use services from companies that believe in something beyond simply maximizing profits. Facebook exists to make the world more open and connected, and not just to build a company. We expect everyone at Facebook to focus every day on how to build real value for the world in everything they do.”
“如今，我认为越来越多的人希望使用那些相信不仅可以实现利润最大化的公司服务。 Facebook的存在是为了使世界变得更加开放和相互联系，而不仅仅是建立一家公司。 我们希望Facebook的每个人每天都专注于如何在他们所做的一切中为世界创造真正的价值。”
Ethical practices were to be central to the Facebook ethos as Zuckerberg foresaw it in 2012. Eight years later, he’s leading one of the world’s most scandal-plagued enterprises. Unfortunately, if you look at history, scandal is business as usual for Facebook.
正如扎克伯格在2012年所预见的那样，道德规范对于Facebook的道德规范至关重要。八年后，他领导着世界上丑闻最严重的企业之一。 不幸的是，如果您回顾历史，丑闻对于Facebook来说是一成不变的。
The Cambridge Analytica scandal is arguably the most far-reaching and demonstrative of Facebook’s influence and privacy practices. The now-defunct U.K.-based political consulting firm obtained private data on about 87 million Facebook accounts worldwide with the help of an app developed by a Russian-American academic who has since sued Facebook for defamation. The data became part of an orchestrated campaign to influence the outcome of the 2016 U.S. elections. It seems Facebook is reluctant to take responsibility for privacy breaches impacting its users.
Cambridge Analytica丑闻可以说是Facebook影响力和隐私实践中影响最深远且最具代表性的事件。 这家现已倒闭的英国政治咨询公司现已关闭，这是借助一名俄罗斯裔美国人学者开发的应用程序获得了全球约8700万个Facebook帐户的私人数据，此人此后起诉Facebook诽谤。 数据成为影响2016年美国大选结果的精心策划的活动的一部分。 Facebook似乎不愿意对影响其用户的隐私泄露承担责任。
The company is reactive rather than proactive, and sometimes in the worst ways. Since the days of its missteps with Beacon, Facebook has been apologising for its privacy issues — and then returning to business as usual. And it’s not just Zuckerberg at fault here. In a November 2018 expose, The New York Times revealed a series of disturbing decisions management made during the height of the Cambridge Analytica crisis. Two decisions by Chief Operating Officer Sheryl Sandberg, in particular, beg the question of whether Facebook can ever meet Zuckerberg’s original intent of building a customer-first business for the social good.
该公司是被动的而不是主动的，有时是最糟糕的方式。 自从与Beacon失误的日子以来，Facebook一直在为自己的隐私问题道歉-然后照常营业。 这不仅仅是扎克伯格的错。 在2018年11月的一次曝光中， 《纽约时报》披露了在剑桥分析危机最严重期间做出的一系列令人不安的决策。 首席运营官谢里尔·桑德伯格(Sheryl Sandberg)的两项决定尤其引出了一个问题，即Facebook是否能够满足扎克伯格为社会公益建立客户至上业务的初衷。
In January 2018, Sandberg asked Facebook’s communications team to investigate financier George Soros’ “financial interests”, according to The Times, following a speech he gave at the World Economic Forum in which Soros suggested that Facebook and Google posed a “menace” to society.
据《泰晤士报》报道 ，桑德伯格于2018年1月在世界经济论坛上的一次讲话中要求Facebook的传播团队调查金融家乔治·索罗斯的“金融利益”，索罗斯建议在此讲话中，Facebook和谷歌对社会构成了“威胁”。 。
Four months earlier, in September 2017 in a board meeting, Sandberg berated Facebook security chief Alex Stamos for informing directors that efforts to contain Russian infiltration of the social network weren’t complete — news that should have come directly from Zuckerberg or Sandberg but apparently hadn’t. “You threw us under the bus!” The Times reports Sandberg saying in the meeting, directing visible anger at Stamos for being outed.
四个月前，在2017年9月的一次董事会会议上，桑德伯格谴责Facebook安全主管Alex Stamos告知董事，遏制俄罗斯对社交网络渗透的努力尚未完成-这个消息本应直接来自扎克伯格或桑德伯格，但显然没有没错 “你把我们扔在公共汽车下！” 桑德伯格在《纽约时报》上的一次会议上说，他向斯塔莫斯发出了明显的愤怒，理由是他情绪低落。
Facebook has spent more than $31 million on lobbying in the last three years alone, and there’s little evidence Facebook has learned its lesson. Last year, the company unveiled plans to formally enter the dating business, which could go wrong in numerous ways given Facebook’s history with handling private data. Imagine, for example, that in signing up, you unknowingly give permission to a third party to post on your News Feed. Trusting Facebook with romantic data when it’s proven untrustworthy in too many other areas seems like a stretch.
仅在过去三年中，Facebook在游说上的花费就超过3100万美元，而且几乎没有证据表明Facebook吸取了教训。 去年，该公司公布了正式进入约会业务的计划，考虑到Facebook在处理私人数据方面的历史，这可能会以多种方式出错。 例如，想象一下，在注册时，您在不知情的情况下将许可授予第三方以在您的新闻提要上发布。 在其他许多领域被证明不可信时，用浪漫的数据来信任Facebook似乎有些困难。
Even though Facebook — a company which is also well known for its tax avoidance practice— checks many ESG boxes there are many maybes. The most critical questions relate to management choices, and the company’s ongoing collisions with regulators and failures on public policy issues makes the company rather “complex” from a traditional ESG point-of-view.
即使以避税实践而闻名的Facebook公司检查了许多ESG框，也有很多可能。 最关键的问题与管理层的选择有关，而且该公司与监管机构之间的持续冲突以及公共政策问题的失败使该公司从传统的ESG角度来看相当“复杂”。
Facebook上的三个关键问题(以及答案) (Three key questions on Facebook (and the answers))
– Is Facebook creating new products that address emerging societal needs or open currently unserved customer segments?
– Facebook是否正在开发满足新兴社会需求的新产品，或者开放当前未被服务的客户群？
Well, mostly yes. It is unique, innovative and disruptive.
好吧，主要是。 它是独特，创新和破坏性的。
– Is Facebook enhancing productivity in the value chain, whether by finding new efficiencies or increasing the productivity of employees and suppliers?
– Facebook是否通过发现新效率或提高员工和供应商的生产率来提高价值链中的生产率？
Yes and no, it is disruptive and powerful, hard to control on one side and extremely focused on increasing productivity on the other side. Facebook has hollowed out the readership and drained the advertising revenues from media companies and as such it is — like it or not — a news source for millions of people around the world. A source where “news” is manipulated.
是的，不是，它具有破坏性和强大功能，一方面难以控制，另一方面非常关注提高生产率。 Facebook挖空了读者群，并耗尽了媒体公司的广告收入，因此，无论是否喜欢，它都是全世界数百万人的新闻来源。 操纵“新闻”的来源。
– Is Facebook investing to improve the business environment or industry cluster in the regions where the company operates?
– Facebook是否在投资以改善公司运营地区的商业环境或产业集群？
Honestly, I can’t see how it does that aside of providing 45,000 jobs. Trading in people’s data is an inherently conflicted business that can force leaders to choose between profit and protecting users.
老实说，除了提供45,000个工作机会外，我看不到它是如何做到的。 人们的数据交易是与生俱来的冲突，可能迫使领导者在利润和保护用户之间做出选择。
结论 (The conclusion)
So what is the conclusion? As always, it depends a great deal on the ESG style and outcome you are looking for.
那么结论是什么？ 与往常一样，这很大程度上取决于您要寻找的ESG风格和结果。
A hard-core mission-driven ESG investor would certainly avoid the stock. Too many scandals of which the Cambridge Analytica case is the most far-reaching and demonstrative of Facebook’s failures on privacy practices.
一个以使命为中心的，以使命为中心的ESG投资者肯定会避开股票。 关于Cambridge Analytica案的丑闻太多，这是Facebook影响隐私实践失败的最深远的例证。
Facebook’s ESG standing will improve materially if Zuckerberg and Facebook’s other leaders make good on promises to bring to market a fully private Facebook experience that’s built on a subscription model, providing users with clear choices as to how they can use and experience the world’s most feature-rich social media platform.
如果扎克伯格和其他领导者兑现了将基于订阅模式构建的完全私有的Facebook体验推向市场的承诺，则Facebook的ESG地位将得到实质性改善，从而为用户提供关于如何使用和体验世界上最大功能的明确选择-丰富的社交媒体平台。
Unfortunately, that day may never come, and I can’t see Facebook as “ESG proof” unless it does.
不幸的是，这一天可能永远不会到来，除非如此，否则我无法将Facebook视为“ ESG证明”。
ESG libertarians (who like ESG “as long it does not hurt”) will recognise the risks and harbour in stock as “all of the others do” given size of the stock in indices. They will deploy “engagement”, proxy voting and collaborative initiatives. They will recognise the risk, but see the money.
ESG自由主义者(喜欢ESG“只要不伤人”)将认识到风险，并根据指数的股票大小，像“其他所有股票一样”持有股票。 他们将部署“参与”，代理投票和协作计划。 他们会认识到风险，但会看到钱。
A true LTA investor (long-term active) will assess a real economic-ESG value creation, which seeks out companies that achieve excellent economic performance by innovating to meet important societal needs. The incapacity of the political system to ponder the problem of Facebook power guarantees many challenges and those will come in many shapes in the next 3–5 years.
真正的LTA投资者(长期活跃)将评估真实的经济，ESG价值创造，这将寻找通过创新来满足重要的社会需求而取得卓越经济表现的公司。 政治体系无力思考Facebook权力问题，这确保了许多挑战，而这些挑战将在未来3-5年内以多种形式出现。
Either way, the version of Facebook you’re investing in today could look very different even five years from now.
无论哪种方式，即使从现在起五年后，您今天要投资的Facebook版本也可能看起来完全不同。
To read more like this, sign up for my newsletter ESG on a Sunday where where I give you the best ESG-related stories of the week every Sunday.
要阅读更多类似内容，请 在星期日注册我的时事通讯ESG， 在那里我每个星期天为您提供本周最佳的ESG相关故事。
资料来源 (Sources)
https://www.dw.com/en/who-is-facebook-ceo-and-founder-mark-zuckerberg/a-43118296
https://www.dw.com/cn/who-is-facebook-ceo-and-founder-mark-zuckerberg/a-43118296
https://www.forbes.com/sites/lensherman/2018/04/16/why-facebook-will-never-change-its-business-model/#2522cc2b64a7
https://www.forbes.com/sites/lensherman/2018/04/16/why-facebook-will-never-change-its-business-model/#2522cc2b64a7
https://www.alphr.com/facebook/1003521/see-everything-facebook-knows-about-you-here-s-how/
https://www.alphr.com/facebook/1003521/see-everything-facebook-knows-about-you-here-s-how/
https://www.forbes.com/sites/panosmourdoukoutas/2014/02/23/whats-wrong-with-facebooks-business-model-and-innovation-strategy/#5d9b47cf2111
https://www.forbes.com/sites/panosmourdoukoutas/2014/02/23/whats-wrong-with-facebooks-business-model-and-innovation-strategy/#5d9b47cf2111
https://productcoalition.com/social-media-has-no-sustainable-business-model-c37cfbc19e81
https://productcoalition.com/social-media-has-no-sustainable-business-model-c37cfbc19e81
https://fourweekmba.com/how-does-facebook-make-money/
https://fourweekmba.com/how-does-facebook-make-money/
https://theconversation.com/why-the-business-model-of-social-media-giants-like-facebook-is-incompatible-with-human-rights-94016
https://theconversation.com/why-the-business-model-of-social-media-giants-like-facebook-is-incompatible-with-human-rights-94016
https://www.bloombergquint.com/business/facebook-s-business-model-is-what-the-european-union-hates
https://www.bloombergquint.com/business/facebook-s-business-model-is-what-the-european-union-hates
https://digitalcommons.unl.edu/cgi/viewcontent.cgi?article=1154&context=honorstheses
https://digitalcommons.unl.edu/cgi/viewcontent.cgi?article=1154&context=honorstheses
https://jonathanwichmann.com/2019/03/14/how-facebook-the-company-that-said-it-wanted-to-bring-the-world-together-became-the-great-divider/
https://jonathanwichmann.com/2019/03/14/how-facebook-the-company-that-said-it-wanted-to-bring-the-world-together-became-the-great-divider/
翻译自: https://medium.com/@sasjabeslik/how-sustainable-is-facebook-an-esg-analysis-of-the-social-media-giant-8ad8adc3da23