European Union will seek to grill Zuckerberg about Facebook, privacy

European Union will seek to grill Zuckerberg about Facebook, privacy

Facebook's founder, Mark Zuckerberg, also testified before Congress this week, taking heat over a range of issues from the social network's privacy and data-tracking activities to its potential role in Russian meddling in the election. We are sticking with our wide-moat rating and $198 fair value estimate for Facebook. He also said that the firm will be increasing resources to investigate apps and take appropriate actions.

For anyone unsure of its meaning, shadow profiles are the data Facebook collects on people who don't have Facebook accounts.

The Facebook chief also told the panel that his company had introduced new privacy controls, but stopped short of saying he would be willing to alter the company's business model to better protect user privacy.

Overall, the testimony didn't really change our view and valuation on the company. Nor is it picky about who they are sold to, as the ominous reference in Mr Bosworth's memo to "all the work we will have to do in China" (where Facebook is presently banned) shows very clearly.

"The big mistake that we've made looking back on this is viewing our responsibility as just building tools, rather than viewing our whole responsibility as making sure that those tools are used for good", Zuckerberg said in an answer to a question from Sen.

Ex-Cambridge Analytica employee, Chris Wylie, had told United Kingdom lawmakers last month that Cambridge Analytica illegally gained access to data for 50 million Facebook users.

The company's data collection practices are a huge focus of the current debate-and the scandal that led to Zuckerberg's appearance in Congress. What Facebook is selling to political campaigns is the same thing Uber is selling to its drivers and customers and what YouTube is selling to advertisers who hope to reach an audience of children - namely, the right to bypass longstanding rules and regulations in order to act with impunity.

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Interestingly, Facebook will still retain some of this data, as the official statement mentions.

This has a lot of people frustrated with Facebook.

To this point, you may have seen the DeleteFacebook hashtag pop up on any number of social media platforms in recent weeks, including, ironically enough, on Facebook itself.

But, aside from Zuck flat-out denying that Facebook listens to your conversations, important questions about consumer data rights went largely unanswered - in part because they weren't asked. But you put these thoughts aside when you are faced with a sparkling, handsome day.

The testimony of Facebook CEO Mark Zuckerberg before the US Congress that the social media giant "will do everything possible to ensure a free and fair election in some countries including India", has come under severe criticism in India and overseas.

"If Facebook is truly committed to protecting people's privacy, the company should set an example, by adhering to highest data protection standards for all users".

"We continue to have these abuses and these data breaches", DeGette said.

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