Photo: Pablo Delcan
Mark Zuckerberg would like everyone to calm down.
After several days of a heated public outcry over a British political consulting firms use of data from millions of Facebook users to help elect President Trump, the Facebook CEO said on Wednesday that the social media behemoth had a technical solution in place.
In an interview with CNN, a contrite Zuckerberg vowed to mount a full investigation of thousands of apps with access to wide swaths of data before we locked down our platform in 2014. He said he was open to testifying before Congress, and some form of regulation.
There will always be bad actors trying to misuse the platform, his No. 2, Sheryl Sandberg, told CNBC. We are taking aggressive steps to be more transparent.
Whether such steps will be enough remains to be seen. Facebook (ticker: FB) may be counting on changes that affect all social media platforms, leaving its market share relatively intact.
But with more than two billion users, Facebook is the top target for privacy concerns, and it is almost certain that the company will not walk away unscathed. Pressure by lawmakers and regulators in the U.S. and Europe, unease among advertisers, and anger among its users means that the companys galloping unfettered ride on the back of user content and data is over.
We overinvested in new services and underinvested in building protections, Elliot Schrage, Facebooks vice president of communications and public policy, tells Barrons.
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