On June 24 2021, Jay Powell and Janet Yellen sat down for his or her weekly breakfast amid the austere environment of the US Treasury constructing on 1,500 Pennsylvania Avenue. There was just one main query on the agenda: ought to they offer the inexperienced gentle for a world cryptocurrency designed by Facebook?
The chair of the Federal Reserve and the Treasury secretary have been each DC veterans; Powell had changed Yellen on the prime of the Fed. However neither had needed to make such an uncommon determination. An alliance of tech firms led by Fb proposed to launch a product it hoped would profoundly change the world. Quite than adhering to the social media big’s one-time mantra “transfer quick and break issues”, executives had come to Washington to ask permission first.
Powell laid out his place together with his customary precision. As Fed chair, he informed Yellen, he was keen to offer the go-ahead for Fb and its companions to trial Diem, because the digital foreign money backed by the US greenback was referred to as on the time. He knew the Treasury had considerations, not least the likelihood that such a foreign money might change into a car for cash laundering or develop so fashionable as to threaten world financial stability. However on stability, his employees thought Diem was designed fastidiously sufficient to keep away from such outcomes and would have the additional benefit of setting business requirements.
The social media firm’s status was sullied in Washington, following a collection of controversies over knowledge privateness, misinformation and alleged censorship. Throughout his presidential bid the yr earlier than, Joe Biden mentioned he had “never been a big fan” of Facebook’s founder Mark Zuckerberg, describing him as “an actual drawback”. And distinguished Democrats and Republicans alike had already spoken out against Diem particularly. A cautious operator, Powell wished backing from Yellen, who’s near the president and fashionable amongst progressives.
After weeks of deliberation, Yellen had made up her thoughts: she was out. “Yellen informed him it was his determination to make, however that she wouldn’t shield him from the political fallout if he did so,” says one particular person briefed on the dialog. “And that was the top of Facebook’s digital foreign money.”
Diem’s management would spend the subsequent six months in a last-ditch drive to rescue the venture that started by making an attempt to woo authorities regulators, then making an attempt to browbeat them and, in a closing folly, exploring working with Zuckerberg’s one-time nemeses. However this January, Diem confirmed that it was winding down for good. The stays of Zuckerberg’s digital cash dream can be offered to a little-known Californian financial institution for $182mn, marking one of probably the most spectacular, if little-noted, failures of his profession.
Over the previous few months, the Monetary Instances has spoken to some 30 folks concerned with the venture, together with executives, builders, lobbyists and the regulators and politicians who finally killed it. (Many of them spoke on situation of anonymity as a result of Fb requires staff and companions to signal non-disclosure agreements.)
What emerges is an image of Silicon Valley executives who thought they may cost into finance and make billions, if solely they may surmount technical and regulatory boundaries. What they failed to grasp was that the actual fact Fb had conceived the thought, doomed it. As one authorities official concerned within the course of places it: “Diem spent years making an attempt to reverse engineer their venture to repair all of its faults. However they may by no means repair being linked to Fb. It was their unique sin.”
Meta, as Fb has since been rebranded, is one of a handful of tech firms now threatened with a lot stricter regulation, even break-up, by US politicians and regulators who’ve come to see it as a malignant power in American commerce and democracy. Nowhere has the divide between Silicon Valley and Capitol Hill been extra clearly uncovered than within the tortured downfall of Diem.
David Marcus was absorbing the Caribbean solar. It was the winter of 2017, and the dapper, French-born government was on vacation within the Dominican Republic. Marcus, 48, was the top of Facebook’s Messenger app and a close confidant of Zuckerberg’s. His silver hair and slick fits set him apart from his youthful, scruffier colleagues. Friends jokingly referred to as him the “George Clooney of Silicon Valley,” and he was seen as highly effective inside the firm.
Mendacity on the seaside, Marcus indulged in some blue-sky pondering. What if he might discover a approach to create a world digital foreign money and combine it into Fb? Marcus was no stranger to the worlds of start-ups and digital funds. He offered his first firm at 27. In 2011, a subsequent cell funds start-up he based was acquired by PayPal for $240mn. Inside 9 months, he was PayPal’s president. In 2014, Zuckerberg recruited him to run Messenger, which he’d assist develop to greater than 1.3bn customers. However three years on, he was stressed.
In the meantime, blockchain expertise and cryptocurrencies had change into helpful instruments for darkish net criminals in addition to the lofty obsessions of programmers and utopian technologists. However they’d but to be adopted by any huge firms. For Facebook’s greater than two-billion-strong person base, crypto might provide a handy and low-cost approach to transfer cash all over the world, Marcus thought.
For the social media firm itself, it might present a treasure trove of knowledge about what folks spend their cash on. Interrupting his vacation overseas, Marcus texted Zuckerberg to stipulate his ruminations. Intrigued, the CEO gave his blessing to discover the thought additional. So Marcus started methodically crafting a device beloved by Silicon Valley entrepreneurs: a memo outlining the brand new venture’s aims, defining success and quantifying how to get there.
Morgan Beller was a 24-year-old whirlwind. Quick-talking and animated, she had been a accomplice at enterprise capital group Andreessen Horowitz earlier than becoming a member of Facebook’s company growth crew in 2017. She was additionally a fierce blockchain advocate, who spent the latter half of that yr making an attempt to buy the expertise to whichever Fb government would hear: why wasn’t the corporate embracing decentralisation and open protocols for its customers? Might it get into bitcoin mining? Ought to Fb teams have the ability to difficulty their very own digital tokens? “It’s a extremely huge firm and taking actually huge dangers is difficult,” she tells the FT. “To offer Fb credit score, the management was very receptive and really open. I didn’t have anybody say no, at the least to assembly and brainstorming.”
In early 2018, Marcus and Beller joined forces. At first, they labored in a small, empty room, partitions adorned with whiteboards, on Facebook’s fundamental campus in Menlo Park. Quickly they moved to a bigger, extra secluded constructing on the outskirts of the corporate’s headquarters. Solely staff with explicit passes — the crypto specialists, engineers and economists they introduced on board — might entry the ability. Their top-secret venture was codenamed Libra. The crew was “paranoid about leaks”, says Beller and was “like a secret Swat operation”.
This might be the primary of a number of incarnations, every supposed to adapt to the difficulties and calls for of launching a digital foreign money from inside Fb. Initially, the dream was for Libra to be like bitcoin, a foreign money owned by nobody group and constructed on open-source expertise. This might permit people to retailer, spend and switch cash throughout borders with near zero transaction charges.
In contrast to bitcoin, it will be backed by one thing actual: a reserve of low-risk assets together with financial institution deposits in numerous currencies and US Treasuries. (This sort of crypto is called stablecoin.) Fb declined to remark. Marcus, who additionally declined to be interviewed, wrote in an announcement: “Libra was about constructing a protocol for cash on the web to allow folks and companies who’re at the moment left behind by the present system to entry sound digital cash and low-cost funds.”
To get the venture off the bottom — earlier than it was to change into totally decentralised — management was wanted to develop the expertise. Marcus and Beller have been aware that Fb alone shouldn’t be seen as directing the trouble. So that they created a non-profit affiliation, additionally referred to as Libra, of which Fb was to be one of many members. To keep away from showing US-centric, it will be technically primarily based in Switzerland, a extra impartial monetary centre that was additionally an rising crypto hub on the time. (Marcus and Beller continued to work primarily from California.)
The set-up proved convincing. By mid-2019, Marcus and Beller’s pitching had introduced on board some 28 companies and non-profits, together with Uber, Vodafone, Spotify, Visa and Mastercard as founding members. Every would have equal voting rights and pay $10mn into the reserve; every would information the venture’s growth and, finally, combine Libra into its companies, bringing the digital coin to customers worldwide.
On prime of being an equal founding member, Fb would construct its personal digital pockets for the coin. Marcus would sit on Libra’s board but additionally run the digital pockets in a brand new Fb subsidiary referred to as Calibra. For Fb, the potential multibillion-dollar business alternatives have been clear: person transaction knowledge, extra engagement, extra ecommerce, a slice of charges from transactions. “That was at all times their benefit,” says one regulatory official. “This might create super alternative and loads of cash for them. But when Fb was going to be the explanation it was very profitable, they have been additionally going to be the explanation it will fail.”
The Outdated San Francisco Mint is a neoclassical granite slab of a constructing sitting amid high-rise workplace blocks and upmarket resorts near the town’s theatre district. Constructed within the 1860s, the Mint was one of the few buildings that survived the nice quake of 1906 and ensuing hearth. It’s a behemoth of permanence that when held one-third of the nation’s gold reserves; now it’s a venue for company occasions.
It was right here that Marcus selected to host the press launch of his new venture in mid-June 2019. Within the interim, Fb had gone from comparatively under-scrutinised to the black sheep of Silicon Valley, in consequence of repeated scandals, together with the Cambridge Analytica revelations, which stoked considerations about customers’ knowledge privateness. On this gentle, Marcus and Beller had thought it wiser to ask for permission and share their plans publicly. “We took some of the teachings learnt in different jurisdictions and mentioned, we’re gonna do that as we’d assume a regulator would need an organization like Fb to do that,” says one staffer concerned.
After a tour of the vaults, journalists have been referred to as in to a cavernous, high-ceilinged room to look at Marcus give one of his characteristically slick slideshow shows, revealing the plan in full. The Libra check in astrology signifies the scales of justice, he defined. Libre is French totally free. “Freedom, justice, cash, that’s all that is about,” he mentioned.
Throwing the launch on the Mint made for horrible politics. American politicians have been already anxious a couple of Fb cryptocurrency encroaching on the facility of the US greenback. Seeing it launched in a constructing that used to make these {dollars} solely exacerbated their considerations. One one who spoke to Zuckerberg in regards to the plans in its earliest days says, “It comes again to Zuckerberg’s incapacity to know how the world sees Fb: ‘From the individuals who ripped your knowledge off, they’ll now get into your pockets.’”
Throughout a bruising week in July 2019, the extent of the political backlash grew to become clear. First, got here the dreaded Potus tweet. “I’m not a fan of Bitcoin and different Cryptocurrencies, which aren’t cash, and whose worth is extremely unstable and primarily based on skinny air,” president Donald Trump wrote on July 11. 4 days later, Treasury secretary Steven Mnuchin repeated that message at a press convention, warning: “[Libra] and others have loads of work to do earlier than they get us snug.”
The following day, Marcus addressed a congressional listening to for the primary time. His testimony in entrance of the Senate banking committee was an opportunity to reset, to point out members of Congress that he was listening to their considerations and that Fb was keen to make adjustments to accommodate them.
Marcus had barely settled in his seat — a lot much less spoken — when the onslaught started. Sherrod Brown, the gravelly voiced Democratic senator from Ohio, set the tone. “[Facebook] is sort of a toddler who has gotten his fingers on a e-book of matches,” he mentioned. “Fb has burned down the home again and again and referred to as each arson a studying expertise.” Republican senators have been simply as hostile. “I don’t belief you guys,” mentioned GOP senator Martha McSally. “As a substitute of cleansing up your own home, you’re launching into a brand new enterprise mannequin.”
Marcus blinked slowly from behind his rimless glasses as he soaked up spherical after spherical of criticism. If he believed he was seeing his ardour venture collapse in entrance of his eyes, he gave little signal of it. However many watching from the skin believed that was precisely what was occurring. “The assaults have been completely bipartisan as a result of each side agree: you don’t mess with the cash,” says David Gerard, writer of Libra Shrugged: How Fb Tried to Take Over the Cash. “That is what occurs when the goals of bitcoin bros meet actuality.”
By the late summer season of 2019, sentiment amongst Libra’s backers was that one thing wanted to alter. When the Wall Avenue Journal reported that Visa, Mastercard and others were getting cold feet, Marcus felt compelled to rebut the notion of disharmony between members. “I’ve no data of particular organizations plans to not step up,” he tweeted on October 2, “dedication to the mission is extra vital than the rest”.
The subsequent day, executives from the consortium’s member firms met within the Nationwide Union Constructing in Washington DC’s Penn Quarter. In keeping with a number of sources concerned, some members had begun to feel spooked by the political backlash. Fb had, they believed, underestimated the scrutiny Libra would draw and had overpromoted members’ involvement. Fb, in the meantime, wished members to be extra vocal of their assist.
The gathering was significantly urgent as a result of Libra backers have been as a result of sign their continued assist by signing a so-called declaration of membership. Amid the tensions, some Libra staffers failed to note that representatives from one member — PayPal, the place Marcus had been president — weren’t there. The subsequent day, PayPal announced it was pulling out, arguing Fb had not carried out sufficient to deal with regulators’ considerations. The information blindsided Libra’s prime administration.
Issues have been going to worsen. Days later, Brown and his Democratic Senate colleague Brian Schatz wrote to Libra’s remaining funds members — Visa, Mastercard and on-line funds processor Stripe — warning them that in the event that they remained half of the scheme, they may count on elevated Congressional scrutiny. “It’s as near a Sopranos menace as you’ll ever learn,” one Libra insider says.
Inside a matter of days, Libra lost 25 per cent of its members, Visa, Mastercard, Stripe and eBay amongst them. Again in Silicon Valley, Marcus was wounded. He realised that, for his dream to have an opportunity of surviving, he must make main concessions.
For the subsequent 18 months, Marcus did simply that. First, he eliminated himself from the limelight. His tried Washington attraction offensive had solely additional lashed Libra to Fb. Even Zuckerberg acknowledged the issue. “I perceive we’re not the ideal messenger right now . . . I’m certain folks want it was anybody however Fb placing this concept ahead,” he informed US lawmakers in 2019. “However there’s a motive we care about this. Fb is about placing energy in folks’s fingers.”
To underscore its independence, Libra turned to Stuart Levey, the previous Treasury official in cost of the US authorities’s efforts to cease terrorism financing. In Could 2020, Levey was made the Swiss non-profit’s new chief government. The 58-year-old had been appointed by George W Bush however had stayed on beneath Barack Obama, making him one of a handful of political appointees to serve each Democratic and Republican presidents. Levey, who friends describe as statesmanlike but additionally energetic, headed HSBC’s authorized crew within the intervening years, so was properly versed in monetary regulation. Libra additionally tapped Steve Bunnell, former chief of the legal division on the US lawyer’s workplace and justice division counsel, to change into its chief authorized officer.
Each hires have been a coup. “The folks have been actually extraordinary, some of the perfect,” says Ari Redbord, who was the senior adviser to the Treasury deputy secretary and the under-secretary for terrorism and monetary intelligence on the time. “They mainly put collectively the crew that regulators would wish to hear from when they’re trying [at] how you’re going to construct out a compliance programme.”
There was additionally a rebranding. Libra was renamed Diem, whereas Calibra — Facebook’s digital pockets — grew to become Novi. Marcus took a again seat inside the Libra affiliation to deal with constructing Novi. Beller left Fb and joined a enterprise capital agency.
Below Levey’s route, Diem shrunk. To placate European and US regulators, the venture’s scope was narrowed to the creation of a digital foreign money backed one-for-one by the greenback quite than a basket of currencies and different low-risk property, which some have been involved would possibly problem the dominance of the greenback. A crew of crypto engineers spanning Europe and Silicon Valley labored feverishly to construct a system to watch transactions for indicators of cash laundering or sanction breaking. Additionally they got here up with methods to ban nameless transactions and vet the outfits that would construct companies to assist Diem foreign money.
By now, the world was within the pandemic’s grip. Would-be schmoozing become Zooms. Diem’s future was being thrashed out over video calls, as regulators bombarded the venture’s management with detailed queries. Some Diem staffers discovered there have been so many officers, they usually didn’t know which companies have been current. Even by authorities requirements, it may very well be tedious work. Redford remembers prolonged calls “going by way of line by line the very technical compliance programme they have been constructing in response to the Treasury’s requests”.
All of which began to appear value it by spring 2021. By then, Levey and the remaining of the senior crew, together with Marcus, felt assured sufficient to check issuing a small quantity of Diem foreign money in addition to trialling a version of the Novi digital wallet. The check can be out there to a small group of customers, however the crew was jubilant on the prospect, in accordance with a number of folks concerned on the time.
Reaching the main milestone required the Swiss Monetary Market Supervisory Authority, Finma, to approve Diem’s licence. The software papers have been on the regulatory company’s desk, and Finma had convened a university of greater than 20 regulatory watchdogs from all over the world to information it by way of the method. It simply wanted the ultimate inexperienced gentle from the US Treasury.
It was at this level that the Treasury issued its first devastating “No”. Officers informed Finma and Diem that they have been requesting a short lived delay of the pilot. The Biden administration was nonetheless settling in, they mentioned, and wanted time to overview the venture. Levey was indignant, satisfied that these weren’t substantive considerations. Dante Disparte, Libra’s head of coverage and a key level man for members, stop in frustration.
Levey was not completed but; he felt he might nonetheless reply any lingering considerations the Treasury held. So Diem morphed once more. Levey relocated the Swiss-based venture to the US and began working with US-regulated bank Silvergate to difficulty Diem foreign money, an overhaul designed to additional placate regulators. Now, if the US authorities wished to intervene, it might accomplish that due to the regulatory relationship it had with Silvergate. To Levey, and even some inside the Fed, this appeared to be the ultimate lacking piece. Diem executives knowledgeable the Fed and the Treasury that one other launch was scheduled for June 29 2021.
But it surely was to not be. After Yellen’s intervention, the Fed relayed the message to Silvergate and Diem. In a testy telephone name, the Fed’s common counsel Mark Van Der Weide informed Levey that the federal government was uncomfortable condoning any venture till it had put a “complete regulatory framework” for stablecoins in place, and he expressed nervousness a couple of coin with the potential to “massively scale” as Diem would possibly.
In keeping with Diem staffers, one thing appeared off about Van Der Weide’s supply through the name. He was stiff, nearly robotic. Once they in contrast notes with colleagues at Silvergate, they discovered {that a} name they’d obtained from Van Der Weide had performed out in a suspiciously comparable approach. They concluded that the official will need to have been studying from a script; each teams felt slighted. The Fed and the Treasury each declined to remark. “It was a last-minute rug-pulling train, the evening earlier than the proposed launch date,” says one one who was concerned. Diem’s crew was blindsided and “immensely fucked off”.
Bruised and pissed off, Levey retaliated utilizing a technique that solely has traction in DC: a strongly worded letter. The missive, which has not been beforehand reported and has been seen by the FT, is addressed to Yellen and Powell and is dated July 6 2021. In it, Levey berates regulators for blocking the venture, outlining all of the steps it had taken to appease them. Earlier requests to fulfill Yellen and deputy Treasury secretary Wally Adeyemo had been declined “with out rationalization”, he wrote. Now he was demanding a gathering with each for a possibility to be heard. “Whereas Diem continues to welcome engagement and scrutiny, we additionally deserve honest and equal therapy,” Levey continued. “Stopping a restricted, legally permissible pilot whereas different stablecoins develop unchecked is neither honest nor equitable.” The present establishment would mark a “dying knell” for the venture, he added.
The requested conferences by no means materialised. Behind closed doorways, some who labored on the venture argue the episode was extra than simply unfair. Impartial regulators had strung them alongside and have been then swayed by a mixture of politics and the pursuits of huge banks, they believed. “It’s sort of like a banana republic,” says one Fb staffer concerned. “Right here you could have the Federal Reserve that’s alleged to be an unbiased central financial institution for the US authorities, appointed to set phrases that span over the course of presidencies to take politics out of cash. It’s a disgrace that politics got here into play.”
Even some regulators stay sympathetic to Diem’s plight. “For years, we handled Fb like we have been pulling the wings off a fly, whereas doing nothing about these others,” says one senior official, citing dozens of different stablecoin initiatives that make up the $127bn market. “Not permitting Diem to go forward was worse than a criminal offense, it was a blunder.”
Contained in the US authorities, Levey’s letter didn’t land properly. The hyperlink to Fb remained entrance of thoughts. The Treasury division wouldn’t bend to Diem’s timeline, whether or not the demand got here by way of be the earnest visionary Marcus or the seasoned pragmatist Levey. The letter was “such as you had a friendship, and it went unhealthy and so they have been detailing their grievances”, one official scoffs. The particular person provides, “What they have been after was at all times fantastical.” And so Diem entered the ultimate “Hail Mary” part of its doomed existence.
Cameron and Tyler Winkelvoss are the an identical twin Olympic rowers who knew Zuckerberg at Harvard within the early 2000s. Their feud and lawsuit over the thought for Fb was memorably fictionalised within the 2010 movie, The Social Community. The swimsuit was settled for $65mn in 2008 and, within the interim, the Winklevii based Gemini, a crypto alternate and stablecoin group, and have become bitcoin billionaires.
After the humiliating Fed rejection (and bow-out from Silvergate) in June, Diem executives had one final contingency: discover one other stablecoin issuer that was as a substitute regulated at a state stage. New York has its personal crypto regulatory regime beneath the attention of the New York Division of Monetary Providers.
Enter Gemini. Diem had a protracted historical past with the crypto firm. When Marcus and Beller have been initially reaching out to potential companions, they’d held talks with Gemini about how it may be concerned within the initiative — for instance, by itemizing the Diem coin on its alternate. However now, in accordance with a number of folks acquainted with the matter, Diem’s management explored working with Gemini to really difficulty the foreign money. The NY DFS crew on the time — significantly then-superintendent Linda Lacewell — welcomed the tie-up, particulars of which haven’t been beforehand reported.
The irony of Zuckerberg’s firm presumably relying on the Winklevii to behave as white knights was not misplaced on staffers. “The quantity of energy you’re giving up by bringing in Gemini reveals how determined they have been,” one authorities official concerned says. However when New York governor Andrew Cuomo, who had been battling allegations of sexual harassment for weeks, resigned, Lacewell went with him. The furtive Gemini plan was scuppered.
Then got here what some insiders deem the ultimate mis-step. Marcus, who had been watching from the sidelines, re-entered the image when he determined to launch a pilot of Facebook’s Novi digital foreign money pockets in October. As a substitute of utilizing Diem, the trial would rely on Paxos Dollar, a rival cryptocurrency. The transfer was designed to alleviate some of the strain on Diem however as a substitute engendered a vicious political response from Congress, which nonetheless noticed the 2 initiatives as inextricably linked.
“All hope was misplaced,” says one member, when the Treasury put out a report in November on stablecoin issuers “that restrict affiliation with business entities” in an effort to “tackle further considerations about systemic threat and focus of financial energy”. Internally, this was learn as a direct message to Fb.
Diem’s traders had change into fatigued by the method. Zuckerberg had grown exasperated with unfavourable information cycles when he wished to deal with casting the corporate as modern, in accordance with these near him.
At occasions, he wished to carry again and wait earlier than making an attempt to launch the assorted pilots. However finally he additionally conceded defeat, alongside Marcus. “Mark is a great businessman. There’s solely a lot cash you’d throw at it,” says one former senior Meta staffer.
By the top of the month, Diem started to think about pursuing a sale. The place Libra had entered public discourse with a bang, Diem collapsed with a whimper: when Levey delivered the information over Zoom in a mid-December 2021 assembly, the three dozen or so individuals on the decision fell silent. Marcus had already resigned from Fb a number of weeks earlier. These near him say he was despondent. “If partitions mysteriously preserve popping up that you just don’t learn about,” says one senior Fb staffer who labored with him, “there’s solely so many occasions you possibly can preserve strolling down that very same path.”
Diem obtained curiosity from a number of US banks, together with Silvergate, which on January 31 purchased its remaining property to pursue its personal stablecoin plans. To the extent it has one, Diem’s lasting legacy could also be that it targeted the eye of regulators on digital foreign money. “It pressured regulators and governments to begin to educate themselves on the expertise and stimulated enterprise capital funding in different initiatives as a result of there was such a frenzy of focus,” says Lisa Ellis, head funds analyst at funding analysis group MoffettNathanson. Levey declined to remark however supplied an announcement studying partly: “What Diem demonstrated is that it’s potential to construct an environment friendly blockchain-based fee system that explicitly prohibits nameless transactions and consists of strong controls to guard customers and fight crime.”
However Marcus has nonetheless not achieved what he had got down to. “This mission that motivated the crew to problem the unacceptable establishment — towards all odds — for a greater system, stays as related at the moment because it was on the primary day of that journey,” Marcus wrote in his assertion to the FT. In a tweet, he mentioned he welcomed “one other chapter with a perhaps extra ‘acceptable’ promoter driving the imaginative and prescient ahead” — a concession that Facebook’s model destroyed his imaginative and prescient. “With David Marcus, I sensed a bit of: ‘We can survive on the pure charismatic goodwill that we’re bringing with this venture,’” says one one who labored with him. “I believe they thought good religion would carry the day.”
Fb is now busy with a brand new grand venture: its plan to construct a metaverse the place billions of folks might sooner or later collect as avatars. Novi staffers have been instructed to deal with what digital foreign money would possibly appear to be on this digital world. “What are we alleged to do?” says one former Fb worker, who laments Diem’s demise. “Sit again and simply do ‘likes’? Corporations are alleged to develop, we’ve shareholders to ship to. That’s the ethos of Silicon Valley.”
Hannah Murphy is an FT tech correspondent. Kiran Stacey is an FT Washington correspondent. Extra reporting by Miles Kruppa and Dave Lee in San Francisco
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