>(You could argue that it's better in some sense for Mr Zuckerberg to control these resources than for the average investor to have that control. I'm sympathetic to that argument, especially if you carefully state what sense you have in mind.)
It is better for Zuckerberg to control those resources, indeed that's what I'm saying. He famously has special shares that give him outsized control over how facebook spends its money. And he was famously punished by the street -- that disastrous Meta earnings in 2021 when zuck decided to invest huge capex in GPUs. A normal company would not have made a move like that, they would have issued dividends with the money instead.
What I'm saying is, that's a good thing. Markets aren't perfect (they are actually pretty f!@#@$ dumb, especially about what a GPU was worth in 2021, and about what sports betting is worth today). I'm making a value judgement.
FB shareholders would have spent that 2021 dividend on ice cream or a remodel in Marin, and it's better for all of us that in 2021 they were forced by zuck to go without the ice cream and the remodel. Because we all got a free 400B param neural net. Humanity did.
It is better for Zuckerberg to control those resources, indeed that's what I'm saying. He famously has special shares that give him outsized control over how facebook spends its money. And he was famously punished by the street -- that disastrous Meta earnings in 2021 when zuck decided to invest huge capex in GPUs. A normal company would not have made a move like that, they would have issued dividends with the money instead.
What I'm saying is, that's a good thing. Markets aren't perfect (they are actually pretty f!@#@$ dumb, especially about what a GPU was worth in 2021, and about what sports betting is worth today). I'm making a value judgement.
FB shareholders would have spent that 2021 dividend on ice cream or a remodel in Marin, and it's better for all of us that in 2021 they were forced by zuck to go without the ice cream and the remodel. Because we all got a free 400B param neural net. Humanity did.