Casey Newton:

Yes, that's right.

I would sort of trace Facebook's big problems back to the 2016 election, where, in the aftermath, we saw there had been a lot of Russian interference on the platform. And that unearthed a lot of things that we have sort of been able to explore over the past couple of years.

One of them has been, you have state-level actors trying to interfere with what you see on Facebook. There's also been hate speech on the platform that, in many cases, authorities have linked to real world violence that's happened in countries around the world.

And then, more recently, there's been a lot of concern in America, in particular, about the spread of misinformation on the platform with sites like Infowars or with Holocaust deniers that have sort of made Facebook a less safe and friendly place to be.

And so what Facebook said about a year ago was, it's going to hire a bunch of people to help moderate that. And while they have actually hired the majority of those people now, it has started to eat into their profitability.