| Hey all, it's Kurt. Facebook Inc. is starting 2021 in much the same way it spent the majority of 2020: embroiled in controversy. While Facebook has so far avoided any known major issues with the U.S. election, the company was criticized for its part in enabling a deadly riot at the U.S. Capitol on Jan. 6. Organizers of the riot used Facebook services, BuzzFeed reported, and prominent venture capitalist Chris Sacca tweeted at Zuckerberg on the day of the riots that he's "got blood on [his] hands." Just don't tell Facebook's investors. When the company reports earnings on Wednesday afternoon, Wall Street analysts are expecting great news. With a global pandemic forcing people indoors, Facebook's advertising business stands to benefit from the shift toward online shopping. Revenue is expected to be up 25% for the quarter, compared to 22% growth in the previous quarter and just 11% in the one before that. The stock is up almost 8% since Election Day. This has been the Facebook story for years. Through privacy blunders, election issues and failures to police its own platform, Facebook's business has simply plugged away, seemingly unimpeded. It appears there is nothing that can stop what is arguably the world's most important advertising platform. The gap between Facebook's public reputation and its financial success has never been greater. But there are real risks ahead for the company in 2021. Facebook has been sued by the Federal Trade Commission and the vast majority of U.S. states for anti-competitive behavior. It's possible this kind of lawsuit will take its toll on the company, which has historically prided itself on moving quickly and making strategic acquisitions, moves that have built a moat around its business. Antitrust lawsuits can take years, of course, but it's possible Facebook starts to feel the effects sooner than that. A more complicated threat looms in the prospect of Section 230 reform. Legislators on both sides of the aisle believe that the law, which protects platforms like Facebook from legal liability for user content, needs to change. Facebook, Twitter Inc., Snap Inc. and YouTube all banned or suspended a sitting U.S. president this month. It was the greatest example yet of the power tech companies have to police user speech, and it could trigger further government action to curb that influence by scaling back tech's legal shield. The moves subjected Facebook and other social media to allegations of that they're suppressing conservative voices, and some users have threatened to leave the platform. It's not clear if Congress will act. But if the U.S. does change or take away Section 230 protections, it could change internet speech forever, and upend the global user feed that Facebook has established. It's possible that when Trump finally crossed the line, he also forced social media companies to make a move that would come back to hurt their businesses. Facebook's list of challenges for the coming year is as long as it's ever been. Then again, we've been here before. There are a lot of reasons to critique the company and its Chief Executive Officer Mark Zuckerberg. But for investors, the business's resilience in the face of criticism isn't one of them. —Kurt Wagner | 
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