The Social Media Bubble Is Quietly Deflating

Photograph by Mike Kemp/Getty Images

Two years ago, when the craze for social media startups was in full swing, a former Facebook engineer summed up the situation with a memorable lament: “The best minds of my generation are thinking about how to make people click ads,” the engineer, Jeff Hammerbacher, told Bloomberg Businessweek at the time. “That sucks,” he added.

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