Facebook is a company of technologists, not marketers. If you wanted to bet on someone succeeding in the marketing business, you’d bet on technologists only if they could invent some new way to sell; you wouldn’t bet on them to sell the way marketers have always sold.

But that’s what Facebook is doing, selling individual ads. From a revenue perspective, it’s an ad-sales business, not a technology company. To meet expectations—the expectations that took it public at $100 billion, the ever-more-vigilant expectations needed to sustain it at that price—it has to sell at near hyperspeed.

The Facebook Fallacy