Douglas Rushkoff called the impending doom of AOL when it’s hapless merger with Time Warner was announced. Now he says Facebook is cashing out and it’s the beginning of its demise, in an opinion piece at CNN:
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All signs for Facebook appear to be pointing up.
Mark Zuckerberg is Time’s Man of the Year, the movie about him seems likely to be an Oscar winner, and now Goldman Sachs is raising $1.5 billion from its favorite investors on behalf of the social networking company.
At the very same moment, Facebook’s only real competitor –NewsCorps’ waning social networking site, MySpace — is shedding employees and expenses, most likely in hopes of a fire sale.
But appearances can be deceiving. In fact, as I read the situation, we are witnessing the beginning of the end of Facebook. These aren’t the symptoms of a company that is winning, but one that is cashing out.