Plenty of unanswered questions in congressional testimony, but Zuckerberg emerges $3B richer


Zuckerberg assured members of the U.S. House of Representatives Energy and Commerce Committee that users have ultimate control of their Facebook information, but undermined that by saying he was among the 87 million users whose data was improperly shared with political consultancy Cambridge Analytica. Harvesting the data and using it to target ads more effectively than its competitors can is how Facebook makes the bulk of its money.

The data scandal wiped away tens of billions of dollars from Facebook's market value, prompted political scrutiny on both sides of the Atlantic and even raised the once unthinkable question of whether Zuckerberg should step down as CEO.

With questions still swirling about how foreign entities use platforms like Facebook and Twitter to spread fake news and sow division, and how these networks handle user data, it's curious Congressional Republicans would spend so much time questioning Zuckerberg about two vloggers. He said ads are removed when they are reported.

Wednesday's news came as Facebook founder and CEO Mark Zuckerbergtestified to a House panel about user privacy in the wake of the Cambridge Analytica scandal.

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Zuckerberg said he was getting to the bottom of what the UK-based firm did and will tell everyone who may have been affected.

Facebook also includes a note about its data collection in its user agreement, noting that it collects data on "the websites and apps you visit, your use of our services on those websites and apps, as well as information the developer or publisher of the app or website provides to you or us".

Whether Facebook employees worked alongside Cambridge Analytica when they embedded with the Trump campaign in 2016. Information about users "is probably the most valuable thing about Facebook", Walden added.

Responding to a question, he told lawmakers that he meant to initiate legal action against the firm accused of stealing personal data and using it for political purposes in the 2016 US Presidential elections.

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Facebook will investigate tens of thousands of apps to discover if any other companies have accessed data in a similar way to Cambridge Analytica. Stitching memories on Facebook and reminding us about the number of likes and shares we received is quite a thoughtful thing to do, no?

"While Facebook has certainly grown, I worry it has not matured", Walden, R-Ore., told Zuckerberg.

Although shares of Facebook dipped Thursday morning, they are still up almost 3% since Zuckerberg entered Capitol Hill to face questions from the Senate Tuesday. While he was on Capitol Hill, the Facebook team was hosting a privacy summit, according to a blog post from the company. "That's not how advertising works, and I do think we could probably be doing a clearer job explaining that, given the misperceptions that are out there", he said in response to a question. He then brushed off the site as nothing more than an immature joke between a few friends. "Thank you @RepMcKinley. We are working to faster detect violating content". Zuckerberg replied: I do agree that we should give people a voice.

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