Join us today at 1:00 PM PT/4:00 PM ET for a live video summit with former Treasury Secretary Larry SummersJoin Us

Senator Marsha Blackburn at today's hearing. Photo by Bloomberg.

The Limits of Washington’s Facebook Theater

Photo: Senator Marsha Blackburn at today's hearing. Photo by Bloomberg.

There’s so much theater in the frequent congressional interrogation of tech executives nowadays that you could almost stage these hearings on Broadway. It certainly would be a long-running show, though one that plays to mostly empty seats given how boringly repetitive these hearings have become. That was demonstrated with today’s installment, as Senators Marsha Blackburn and Richard Blumenthal led the attacks on Facebook’s credibility.

It’s not as though the politicians are wrong. Blackburn’s statement in her opening remarks, directed at the absent Instagram chief Adam Mosseri, was inarguable. “You lost the trust and we do not trust you with influencing our children,” Blackburn said. But stating the obvious for public consumption doesn’t achieve anything. Facebook management seems likely to stonewall, waiting for the crisis to blow over, without actually changing how it operates.

Get access to exclusive coverage
Read deeply reported stories from the largest newsroom in tech.
Latest Articles
 
Opinion culture
Twitter Used to Make Us Smarter
Art by Shane Burke / Dall-E 2.
A handful of months into Twitter’s new management and it’s clear an era has ended. For the site’s power users, which include academics, journalists and lawmakers, the sudden changes in the social network’s policies, practices and culture have destroyed years of careful network building. What that will cost us in the future in terms of relationships never forged and...
Latest Briefs
 
OpenAI Temporarily Shuts Down ChatGPT After Privacy Bug Leaks Users’ Chat Histories
New Report to Australian Government Alleges ByteDance Poses Disinformation Threat
FTX Sues Liquidators of Bahamas Unit
Stay in the know
Receive a summary of the day's top tech news—distilled into one email.
Access on the go
View stories on our mobile app and tune into our weekly podcast.
Join live video Q&A’s
Deep-dive into topics like startups and autonomous vehicles with our top reporters and other executives.
Enjoy a clutter-free experience
Read without any banner ads.
Jamie Dimon, chief executive officer of JPMorgan Chase. Photo by Bloomberg.
Exclusive markets startups
How JPMorgan Maneuvered During the Fall of Silicon Valley Bank
When Silicon Valley Bank was crumbling last week, eyes turned to the biggest lender in the country—the bank that had stepped in to save failing competitors during the financial crisis in 2008, whose CEO has been called “America’s banker” and whose views and decisions influence the corporate world.
Sarah Nagy gives a demo of her startup, Seek.ai, at an AI event at the San Francisco Wine Society in January. Photography by Laura Morton
First Look startups ai
Boom Times in San Francisco’s AI Underground
Not even a banking crisis could chill the fever sweeping San Francisco. Last Wednesday, as the tech industry recoiled from the collapse of Silicon Valley Bank, a party was scheduled at the offices of Maverick Ventures in an old army hospital in the Presidio.
Cover art and portraits by Clark Miller
The Big Read
The Instant Oral History of the Silicon Valley Bank Collapse
On a cosmic level, the collapse of Silicon Valley Bank was a mere blip. The murmurs about trouble began last Wednesday, the panic spread via group texts and Twitter threads on Thursday, the bank went under on Friday, the government got its act together on Saturday, and on Sunday every current and former customer of SVB could breathe a cautious sigh of relief.
A pedestrian passes a Silicon Valley Bank branch in San Francisco, on Monday, March 13, 2023. Photo by AP.
Exclusive startups venture capital
SVB’s $9.5 Billion Venture Unit Included Large Investments in Andreessen, Sequoia, Documents Show
As potential buyers circle the remnants of Silicon Valley Bank and its affiliates, one asset could be particularly appealing: the company’s venture capital arm.
Art by Clark Miller.
Opinion startups economy
SVB Is Dead. Long Live SVB.
We all know how it began. It started on March 9, when the run on Silicon Valley Bank made the innovation economy totter and threatened a global financial crisis.
Clockwise from top left: Julie Bornstein, Esther Crawford, Mark Hammond, Max Cutler, Kağan Sümer. Photos via Julie Bernstein, Robert Cowherd, Microsoft, Wikimedia and Kağan Sümer.
Free Agents startups
On the Market: The Founders Who Joined Microsoft, Spotify, Coinbase and Twitter
Call them acqui-fires. Several founders who took positions at the bigger tech companies that bought their startups recently lost their jobs when layoffs rolled through Silicon Valley.