Research

Zuckerberg Testimony Doesn't Change Our View on Facebook

Zuckerberg Testimony Doesn't Change Our View on Facebook

Recent comments by Facebook executives also echo outside research conducted by analyst firms like Jefferies Equity Research. Facebook also owns Instagram and WhatsApp, two of the most largely used social media apps in the world.

Luckily for Menlo Park, California-based Facebook, lawmakers aren't aligned on exactly what regulation would look like, or if written laws or rules are even necessary. This came after questioning by Representative Anna Eshoo, a California Democrat. His stake in the company is now worth around $66 billion. The fallout from the scandal also precipitated Mark Zuckerberg's appearance before the US Congress this week.

So a researcher built a personality quiz app under those guidelines, and people used the app - and in doing so, allowed it to harvest anonymized data from their Facebook profiles. In addition, they have information in their Facebook profile that may be a gold mine for identity thieves. Twenty-one percent said they are planning to use Facebook much less in the future.

"This is why we are creating a Social Media Working Group", Jelinek said.

"I think he's sorry he has to testify in front of Congress", Kelly said.

The internet magnate is scheduled to testify at 10 a.m. EDT (1400 GMT) before the U.S. House of Representatives Energy and Commerce Committee, a day after he appeared for almost five hours before a U.S. Senate hearing. And, with American privacy laws stuck in the digital dark ages, there's now very little recourse for Facebook users whose privacy was breached by the Cambridge Analytica leak, says Marc Rotenberg, president of the Electronic Privacy Information Center. Zuckerberg confirmed that his company was cooperating with special counsel Robert Mueller in his investigation into Russia's meddling in the 2016 US Presidential election.

Facebook's CEO repeated the company line defending its introduction of a messaging app for very young children: It just wants to provide a way for parents to keep in touch with their children. "I could have set up an identity watch and bank watch to see if any activity was flagged for being unusual", she said.

But in the wake of the Cambridge Analytica scandal and this week's hearings, lawmakers and the public are growing more concerned about Facebook's data collection practices. A Facebook statement last week promised to tighten control over those apps and their use of data. He assured senators the company would handle the situation differently today. Zuckerberg said he was open to the idea of regulation, but would need to see the specifics of any bill in order to agree wholeheartedly. We've got to change that. Long asked an apparently annoyed Zuckerberg what FaceMash is and whether or not it is still up-and-running.

At both the House and Senate hearings, Zuckerberg said: "We didn't take a broad enough view of our responsibility, and that was a big mistake".

"There was a data breach at a company where I worked once, and my Social Security number and payroll information was taken".

"We have no reason to believe Facebook won't share - or otherwise figure out how to exploit - what they collect on kids", Steyer said this week.


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