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Facebook Inc (FB) Robs the World of 55 Million Years of Productivity

Facebook Inc. (NASDAQ:FB)

Facebook Inc was created just twelve years ago by Mark Zuckerberg with hopes that users would spend a lot of their time on the website.  Today, users of his social site are doing just that and “are closing in on $3.5 trillion in squandered productivity,” says a report from CNBC.

Facebook Inc (NASDAQ:FB) News

Time spent since start

Facebook users were spending 10.5 billion minutes per day on the platform (excluding mobile), as per the firms IPO filing in 2012. And, now this number will be way bigger considering the number of monthly users who visit the site daily. Even if we take the same 2012 number, it means that users all over the world have collectively spent 55 million years on Facebook since 2009, says a report from CNBC.

Twenty minutes a day is a lot of time, equaling more than a year in an average life span. If this is spent for earnings minimum wage rather than liking and poking each other, then each user will make around $880 a year or almost “$900 billion in aggregate hypothetical labor last year,” says CNBC.

By 2008, Facebook Inc had 100m users, suggesting “the social network has occupied enough time to inhibit more than $3 trillion in hypothetical labor since then,” the report says.

If there had been no Facebook, then most users would probably be doing “something else equally unproductive.” But, the math shows what the “engagement is potentially worth.” For instance, if each user replaced their 20 minutes a day on Facebook with minimum-wage work, then they would collectively have enough money to buy Facebook two times a year. And, if we start counting back in 2009, their collective potential earnings would exceed the GDP of the UK.

Play Chess on Facebook Messenger

Facebook Inc isn’t done yet, it is coming up with more and more features to makes users spend more time on the platform. Now, it allows (via Messenger) you to play chess from a computer or smartphone. All a user need to do is start a chat and enter “@fbchess play” to begin with a chess game with the person you are chatting.

However, to move the pawns, users will need “to be familiar with the commands used to reference both the pieces and locations on the board,” says CNET. As per a report from BetaNews, putting in commands like “@fbchess Pd3” would push the pieces to the intended box. And for help, one has to enter “@fbchess help” in the conversation’s text field. This will throw up a list of commands and instructions.

On Thursday, Facebook stock was down 1.95% ending the day at $110.49. Year to date, the stock price as risen almost 6% while in the last 12 months, it is down nearly 46%. Facebook Inc stock reached a 52-week high of $117.59 and a 52-week low of $72.

 

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Aman is MBA (Finance) with an experience on both marketing and Finance side. He has work as a Risk Analyst for AIR Worldwide, and is currently leading VeRa FinServ, a Financial Research firm. Favorite pastimes include watching science fiction movies, playing PC games and cricket.

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