FACEBOOK MONOPOLY. Zuckerberg Testifies. “If Facebook and other online companies will not or cannot fix these privacy invasions, then we will” By Todd Horwitz, Bubba Trading. 


 

Lawmakers grilled Facebook Inc. Chief Executive Mark Zuckerberg on Tuesday over the company’s handling of user privacy while also signaling they were prepared to embark on a new era of regulation for big tech companies.

During several hours of questioning, Mr. Zuckerberg sought to manage the discontent through a combination of contrition for missteps and calm explanations to complicated questions. And yet throughout, the 33-year-old billionaire was careful not to commit to any major changes in how the platform functions or how it sells advertising. Mr. Zuckerberg acknowledged that Facebook feels responsibility for what is posted on its service.

Zuckerberg invoked Facebook’s unlikely journey — from a tiny start-up he co-founded in his Harvard dorm room 14 years ago to a social media behemoth — in explaining Facebook’s frequent privacy missteps and its failure to spot and defeat Russia’s aggressive campaign to manipulate American voters in 2016 and beyond.

Senators repeatedly challenged Zuckerberg’s explanations in the wide-ranging hearing, a rare joint session before two Senate panels — the Commerce and Judiciary committees — with 42 senators questioning the Facebook executive. “If Facebook and other online companies will not or cannot fix these privacy invasions, then we will,” said Sen. Bill Nelson (Fla.), the highest-ranking Democrat on the Commerce Committee.

The exchanges between the 33-year-old billionaire and lawmakers were often tense. But Zuckerberg also caused spectators to laugh when he turned down an opportunity for a break, saying he could keep answering questions for 15 more minutes before stopping. Zuckerberg’s acknowledgments of responsibility punctuated an extraordinary shift in tone for him and the company. He has strained in recent weeks to convince lawmakers, users and regulators that Facebook is determined to deliver meaningful change after repeated privacy controversies.

Keep those stops tight
Todd “Bubba” Horwitz

IN ASSOCIATION WITH

Financial Markets & Political Commentary

 

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About the author

Todd Horwitz - Author of “Average Joe Options“. Todd began his trading career in 1980 at the CBOE. He was one of the original traders in the OEX & helped start the SPX. He is a member the CME where he trades S&P futures as well as foreign currencies & is a regular contributor to CNBC, Bloomberg, BNN, Fox & many other major news networks.