The Facebook share price plunged 20% yesterday after it was revealed that the social networks new algorithm has meant fewer stories being shown to the followers of the NewsThump facebook page.
With billions wiped off the companies value, executives are scrambling to see if there is a way of returning NewsThump stories to their users feeds in the hope of returning the share price to its previous levels.
A Facebook executive on the promise of anonymity told us, “We didn’t realise tweaking the news feed so people saw fewer NewsThump stories, even when they follow the page, would be so damaging to us – if we’d known, we wouldn’t have done it, obviously.
“Yes, fewer than 10% of the page’s followers now see any given story, but there are ways the other 90% can ensure they’re not missing out on any of the good jokes. Because the ones you miss are always the funniest.
“They can go to the NewsThump facebook page and click the ‘Following’ button then make sure to select ‘See First’, or they can select ‘Notifications’ for all posts, that’s another way of ensuring they miss fewer stories.
“Maybe if more people did that, then I might still get my bonus this year.”
NewsThump Editor Simon Williams spoke of his disappointment at the fall of the Facebook share price.
He said, “I don’t know, it’s hard to see how the decision to punish businesses that have been giving Facebook much of its content, for free and for many years, could ever have backfired.
“Still, I’m sure they’ll be OK, losing $100bn from the value of your company is obviously going to sting a little, but they’re still worth half a trillion dollars, so it’s not like they’re having to stockpile food.”