“Parler was taken offline early Monday morning after large tech companies including Amazon.com Inc. and Google withdrew their support of the social networking site in the wake of violence and rioting at the U.S. Capitol last week,” Bloomberg writes.
Why It Matters: Parler traditionally had been a popular destination among far-right social media users. But after Twitter and Facebook banned President Donald Trump in the wake of last week’s riots, as well as users and groups supporting violence, the app had a surge in downloads.
Parler hasn’t been able to find other cloud service providers since Amazon notified the app it would terminate its cloud computing support Sunday. The app is dealing with a wave of “negative publicity stemming from the violence, organized in part on its own platform.”
- Google and Apple followed by banning the platform in their mobile app stores, restricting Android and iPhone users from downloading it onto their devices.
- Parler CEO John Matze responded by posting on Parler that he would give in to “politically motivated companies and those authoritarians who hate free speech!”
What’s Next: Matze alluded to putting up a notable fight, saying, “Parler is my final stand on the Internet. I won’t be making an account on any social. Parler is my home.”
In a normal environment, I would trust in the powerful moats that the Big Tech Kings have built around themselves and sleep soundly in their ability to protect and compound capital for us.
But the combination of the extreme political climate we’re going through, drastic actions Big Tech has taken (such as banning Donald Trump), and the government’s focus on breaking up their power, doubts about Facebook ($FB), Google ($GOOG), and Twitter ($TWTR) are creeping into my investing psyche. These considerations will inform our Big Board positions in 2021.
As a side note, many of these apps that have been kicked off of cloud providers may find a home on Web 3.0 blockchain protocols like Ethereum or Cardano…