On CNBC’s “Fast Money,” angel investor Sahil Bloom said Facebook Inc’s FB planned facelift initiatives after weeks of bad press are just “PR 101” or “crisis management 101.”
Facebook has been dealing with a lot, including the whistle-blower issue, leaked documents, and antitrust problems. The company is trying to “change the narrative,” but the reality is that there is a “fundamental product problem,” Bloom said.
Related: Facebook Plans To Rebrand Itself With New Name As Early As This Month
Their product is no longer as compelling or engaging as some of the other platforms, especially for the younger people, Bloom said. Facebook is trying to create something that is more forward-looking, he added.
The audience is shifting from the centralization of Web 2.0 to a decentralized Web 3.0, which could hurt Facebook if they are unable to “capture the momentum,” Bloom stated.
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