Mark Zuckerberg made $3 billion while he sat for Congress’ questions

Apr 24, 2018
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Meanwhile, 35% claim to be using the social network less than they used to following the data breach.

While McGinn and his Honest Data company didn’t delve into specifics of this “negative” societal impact, the pollster had some ideas. We’re still rating Facebook as a wide-moat and valuing it at $198 per share.

In his written remarks, Zuckerberg called Facebook “an idealistic and optimistic company” and said: “We focused on all the good that connecting people can bring”. Alastair Mactaggart, the chief proponent of the proposed initiative, said: “We’re gratified that Facebook has dropped its opposition to the California Consumer Privacy Act”. “In the USA obviously we’re very focused on election interference, and in the United Kingdom they’ve been focused on that as well with Brexit”, he told Recode.

Speaking in the wake of a scandal over the massive leak of data to a British political consultant, Zuckerberg reiterated that the company had shut down the pipeline that allowed such data, including his own, to slip into the hands of third parties.

Zuckerberg testified in front of U.S. Senate and House committees on Tuesday and Wednesday, respectively, to answer questions about the fallout involving political data firm Cambridge Analytica accessing Facebook user data without their permission and using it for political campaigns, and Facebook’s general privacy practices, among other topics. He did argue, however, that “the average American uses eight different apps to communicate with their friends and stay in touch with people”, including Twitter. “You can also load all of that”.

He also gave Zuckerberg a warning.

As many as 87 million Facebook users who might have had their data shared were to receive a detailed message on their feeds this week.

There’s also the issue of Facebook’s data policies, which McGinn, who spent three years at Google, says are a result of Facebook’s DNA.

With the pressure mounting on the social network, some are speculating that Facebook may soon launch a paid-for version of the platform alongside its current free offering.

The interviewer asked if Facebook would ever sell people’s personal information, and Zuckerberg responded firmly in the negative.

“I think it’s time to ask if Facebook has moved too fast and broken too many things”, Rep. Greg Walden (R-OR) stated at the beginning of this morning’s hearing. Zuckerberg agreed: “If there’s an imminent threat of harm, we’re going to take a conservative position on that and make sure that we flag that and understand that more broadly”. “That to me is more important than any one person’s career”. “In Canada, at least, the creation of that list and the targeting of that list is not regulated under Canadian elections law or Canadian privacy law and I think that is a shortcoming”.

Mark Zuckerberg Regulation ‘inevitable for social media firms

 

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