Americans are divided over their attachment to social media with many finding it to be a threat to privacy and divisive.
However, millions of people continue to use these platforms on a daily basis.
According to a new Wall Street Journal/NBC poll, the skepticism associated with social media cuts across demographics, including age and political ideologies. Only 35 percent of adults believe social media brings people together, while 57 percent feels it segments people. Only approximately one in three believe platforms like Facebook spread news and information, while more than eight in 10 believe it’s a waste of time.
So why do so many people keep using it?
“There are some terrible by-products of this, as we all know. On the other hand, however, this is how we live our lives,” Lehmann notes, adding social media is firmly entrenched in our lives,” J-M-P Securities president Mark Lehmann said during an interview with FOX Business’ Charles Payne on Friday.
Lehmann said that as Facebook gets set to report first quarter earnings later this month, investors will be most focused on the company’s advertising growth.
“They’re going to show advertising growth of 25 percent; a half a billion daily users on Instagram and a couple of billion daily users on Facebook. Those are daunting numbers.”
He said sentiment has veered away from the Cambridge Analytica scandal last year that enveloped the house that CEO Mark Zuckerberg helped build. Lehmann believes Facebook is under-owned by fund managers, many of whom stepped away from the stock after all the controversy over its data breaches and privacy issues.
Lehmann also he sees the stock’s trajectory soaring long term and doesn’t believe regulators will try to change the company’s structure, something he says, Zuckerberg has alluded.
So while Americans continue to have a love-hate relationship with their use of social media, regulators are trying to find ways to plug some of the loopholes that exist regarding user data and privacy.
Wall Street, like Main Street, may find it just too difficult to pass up the allure of social media platforms and its investments opportunities.