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.
The data debacle sparked outrage over consumer privacy, but also reignited broader concerns about Facebook's impact on privacy, civil discourse and domestic institutions around the world.
Members of the House Energy and Commerce Committee grilled Mark Zuckerberg for almost five hours about his company's legal obligations, guiding principles and his own philosophies as steward of the largest social media platform in the world.
Although the 33-year-old had never testified at a congressional hearing before, he succeeded in deflecting questions like a Washington veteran.
"We don't know what we need to protect ourselves from", she told The Current's Anna Maria Tremonti.
One thing that's clear in all of this is that politicians and lawmakers finally see how powerful the tech giants really are. But to keep the business afloat, Zuckerberg is saying exactly what he's got to say. "As CEO, you didn't know some key facts". In May 2017, the European Union turned its sights on Facebook, fining the company $122 million for misleading regulators about the way it planned to handle user data after acquiring the messaging service WhatsApp. He gave no further details.
Facebook warned users earlier this week that people who used Kogan's app "may have" shared messages from users inboxes.
There is no notification on either site that a Facebook pixel is tracking your activity, but using tools such as Ghostery, a browser plug-in that scans code on sites you visit and alerts you what trackers have been added, makes it easy to determine where a Facebook pixel is installed.
Whilst being grilled by Senator Orrin Hatch, Zuckerberg was asked whether Facebook would always be free.
Facebook's founder frequently reminded Congress that he launched the network from his dorm room in 2004, and he acknowledged several times that his approach to monitoring content has long relied on members reporting misuse.
An estimated one in 50 Australian Facebook users are thought to have their data leaked. As of March 31, Mr Zuckerberg owned 401.5 million shares of Facebook stock, now worth US$6.6 billion (AU$8.5 billion). Facebook shares closed up 0.78% on Wednesday after rising 4.5% Tuesday. Some are calling for his empire, which includes Instagram, WhatsApp, Lightbox and dozens of other companies worth about $70 billion, to be broken up. Whether or not he has a strong case depends on how his company specifically plans to use AI-and how quickly the technology matures over the next few years.
The stakes are high for Facebook in Europe, where consumer protection watchdogs have proven willing to challenge United States tech giants on many fronts - from penalizing Google $2.7 billion for threatening competition to charging Apple more than $15 billion on the grounds that it failed to pay taxes.
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