Are you spellbound by your friends’ fabulous lifestyles splashed across social media?
Late Wednesday, Facebook reported first-quarter earnings that were better than most analysts’ expectations, but the company also said it took a $3 billion charge that it “reasonably estimated” it will have to pay the Federal Trade Commission for violating a consent decree on user privacy. Despite its recent privacy controversies, Facebook reported an increase in active users of 55 million on the previous quarter, bringing the grand total to 2.37 billion.
Over-dependence on social networks as a social outlet can also lead to what some doctors call ‘Facebook Depression.’ A separate study released in January 2019 looked at 504 millennials who actively use Facebook, Twitter, Instagram, and/or Snapchat SNAP, -4.26% who met the criteria for a major depressive disorder scored higher on the “Social Media Addiction” scale. These individuals were more likely to compare themselves to others better off than they were.
The biggest social network on the planet is stickier than most checking accounts or cable companies, psychologists say. The biggest social network on the planet is stickier than most checking accounts or cable companies, psychologists say. Try to give up Facebook, and at least some people are likely to think you have an axe to grind with the world or them personally, are going through a divorce or have slipped into a deep depression.
Facebook is that bar from “Cheers” or a virtual town where everyone knows your name. Why would you go somewhere else or move to LinkedIn or WhatsApp? “The primary motivation to be on Facebook is to reap the benefits of huge amounts of positive affirmation,” said Fran Walfish, a psychotherapist and author in Beverly Hills. The opposite of that, she said, is rejection.
4. Privacy violations feel less real than, say, an outbreak of E.coli The recent revelations of privacy violations hit Facebook’s stock, but for consumers they are less tangible than, say, an E.coli outbreak in Chipotle CMG, -4.53% and the consequences may be harder to grasp. Privacy violations on Facebook or Equifax EFX, -0.62% don’t appear to create the same fear as E.coli. The latter can obviously kill you, but the former is a concept that’s more difficult to understand.
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