Facebook Inc. (FB) bears have a new bit of ammo supporting their thesis that a #DeleteFacebook and Occupy Silicon Valley movement will continue to gain momentum and take down Mark Zuckerberg's social media behemoth.
Whilst being grilled by Senator Orrin Hatch, Zuckerberg was asked whether Facebook would always be free. Forty times the internet mogul told lawmakers he had no answers at hand and would get back to them later.
But they all have one very obvious thing in common: All the comments are just three letters. "Some things are striking during this conversation", she said. You didn't know about major court cases regarding your privacy policies against your company. Vera Jourová, the EU's commissioner for Justice, Consumers and Gender Equality, said on Wednesday that regulators studying Facebook and Cambridge Analytica "need to know much more about what happened, and to whom". He gave no further details.
Criticism about how Facebook handled smartphone device data followed, with concerns that its mobile apps had a disturbing eagerness to upload all of a user's contacts - not to mention tapping into their messaging - to the cloud.
The decision came as Facebook CEO Mark Zuckerberg appeared before the US Congress twice in less than 24 hours, apologising for the data breach scandal involving British political consultancy firm Cambridge Analytica.
Next month, European Union regulators are set to begin enforcing a new set of rules, known as GDPR, that seek to restrict the ways tech companies collect and monetize consumers' personal information. A Facebook statement last week promised to tighten control over those apps and their use of data. Cambridge Analytica then obtained the data and was said to have used it to try to influence elections around the world.
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"We don't sell the data".
The firm also plans to assign around 20,000 people to work on security and content.
He had no response when asked how a person who is not a Facebook member can remove information without first signing up for the service.
Dillon said although Facebook's manipulation of users for "fairly nefarious purposes" is not a new process, many people are just now starting to realize the extent of their relationship to the company. "Indeed, it seems Collins was more anxious about control and manipulation than about Facebook's actions".
The company's stock was up about 2 percent even before Zuckerberg sat down.
House Energy and Commerce Chairman Greg Walden said the committee will look at what could be done. He did not name specific companies. For those of us who have been paying attention to Facebook and its litany of scandals over the past few months, Zuck's testimony in front of committees from the Senate and a (distinctly more lucid) one from the House told us nothing new.
Facebook Chief Executive Mark Zuckerberg's compensation rose 53.5 per cent to $8.9 million in 2017, a regulatory filing showed on Friday, largely due to higher costs related to the 33-year old billionaire's personal security.