Saturday, 21 April, 2018

Facebook Doesn't Believe Recent Scandals Will Hurt Its Business

Investors were impressed with Mark Zuckerberg's performance before the committee Investors were impressed with Mark Zuckerberg's performance before the committee
Emmett Howard | 15 April, 2018, 02:14

Facebook chief Mark Zuckerberg apologized to USA lawmakers Tuesday for the leak of personal data on tens of millions of users as he faced a day of reckoning before a Congress mulling regulation of the global social media giant.In his first-ever U.S. congressional appearance, the Facebook founder and chief executive sought to quell the storm over privacy and security lapses at the social network that have angered lawmakers and Facebook's two billion users.

Eighty-seven percent of adults use Facebook or one of its products like photo-sharing app Instagram or chat app WhatsApp.

"Every time that someone chooses to share something on Facebook. there is a control". John Kennedy, R-La., told Zuckerberg in hour four of the hearing.

Investors were impressed with his initial performance.

It's been a big week for Facebook. They were down 0.7 per cent in early trading yesterday.

Even as it issues full-page apologies in print newspapers promising ritualistically "to do better", Facebook and its allies have minimized the importance of the seismic revelation that the political consulting firm Cambridge Analytica, which worked on behalf of the Trump campaign in 2016, had gained access to the private information of about 50 million Facebook users. The hearings were meant to inform lawmakers of Facebook's approach to data handling and privacy in the wake of recent revelations that political consulting firm Cambridge Anlaytica improperly obtained data on up to 87 million Facebook users from the academic, Aleksandr Kogan.

Could this be setting Facebook up for an antitrust battle? Sen.

The latest estimate of affected users is up to 87 million. In yet another announcement on 9 April, the social media network said it was tweaking what it calls "data practices" as well as information that third-party apps on Facebook can access.

Facebook could start with all the misleading nonsense that circulates on its social network about Facebook, and go from there.

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Technology journalist for The Guardian Alex Hern, who covers Facebook extensively, wrote on Twitter: "It is unthinkable to me that Zuckerberg is not familiar with the concept of "shadow profiles", and the absence of a straight denial that they exist is probably the strongest evidence that yes, Facebook continues to maintain shadow profiles".

Zuckerberg deflected requests to support specific legislation.

Behind the regular Facebook profile you've built for yourself, the company has another one essentially built from the inboxes and smartphones of other Facebook users who have shared their contacts. "Why should we trust you?" asked Democratic Representative Mike Doyle.

Zuckerberg batted away often-aggressive questioning from lawmakers who accused him of failing to protect the personal information of millions of Americans.

The country's privacy commission has given Facebook 15 days from receiving the letter to provide more documentation on how it collects data from Filipino users.

"We are thrilled", said Mary Ross, president of Californians for Consumer Privacy. "How is today's apology different?"

The controversy has brought a flood of bad publicity and sent the company's stock value plunging, but Zuckerberg seemed to achieve a measure of success in countering that.

Zuckerberg clearly admitted to mistakes and took responsibility.

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