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Facebook CEO Mark Zuckerberg: Regulation 'inevitable' for social media firms

15 April 2018

That's because Zuckerberg doesn't view Facebook as a social media company. It wasn't clear which direction they were heading specifically.

New Jersey Rep. Frank Pallone, the top Democrat on the panel and a 30-year veteran of the House, said at the beginning of the hearing that he plans to work on legislation but is pessimistic that Congress will pass anything. There isn't a place on the internet Facebook doesn't touch with the many companies it has acquired. And his company regained more than $25 billion in market value that is had lost since it was revealed in March that Cambridge Analytica, a data-mining firm affiliated with Donald Trump's presidential campaign, gathered personal information from 87 million users to try to influence elections.

Facebook's stock remains 10 percent below where it stood before the scandal, a decline that has wiped out about $50 billion in shareholder wealth.

On the heels of Facebook chief executive Mark Zuckerberg's two-day congressional testimony to address the Cambridge Analytica scandal and the company's failure to protect users' personal data, new polling indicates a growing number of the social media network's users are "very concerned" about invasion of privacy when using the website. Would an ad-free, paid version of Facebook work, anyway?

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Zuckerberg disclosed that his company is "working with" special counsel Robert Mueller in the federal probe of Russian election interference. It seemed like he was trying to give a general answer after which she cut him off, and asked the same question again, more firmly. Nobody - and I mean nobody - is about to spend 20 minutes pouring over legalese so they can make a sound and thoughtful decision about whether they should take this quiz to find out what their stripper name would be. "We don't sell data". And he's come a long way since he created the platform in his dorm room nearly 15 years ago. So we would expect Zuckerberg not to want that but I think the legislators now might need to reconsider the laissez faire.

During Wednesday's hearing, Zuckerberg divulged that his own personal data had been sold to a third party.

Zuckerberg replied that the average American uses eight different apps to communicate.

"Hacked is not the right word to use. there's no hack there's no data breach, it's really important to use that messaging because that's really what's it's all about". "There needs to be much more transparency about what those set of tools is". Chairman Greg Walden, Oregon Republican, opened by nodding to Facebook's old motto.

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This lead many to question whether they're the right people to be probing Zuckerberg. Thirteen percent voiced concern about spending too much time on Facebook. So even that you don't have the information that is useful to the world I can go and say that it's useful to somebody for something and the fact that it's now digital and it isn't properly protected if it is getting into the wrong hands, as it did in the Cambridge Analytica case, that's just one example, the one thing that could potentially happen.

In a related request, Mr Zuckerberg will provide details on how users are tracked (on all their devices) when they are logged out of Facebook. "Cambridge Analytica did not illegally or inappropriately collect or share data with anybody else".

"Cambridge Analytica did not "hack" Facebook", the statement, distributed on Monday afternoon, read.

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Facebook CEO Mark Zuckerberg: Regulation 'inevitable' for social media firms