Facebook earnings: Zuckerberg slams press coverage
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Mark Zuckerberg, Facebook CEO and co-founder testifies in front of the House Financial Services Committee at the Rayburn House Office Building in Washington DC on October 23, 2019. Zuckerberg testified about Facebook’s proposed cryptocurrency Libra, how his company will handle false and misleading information by political leaders during the 2020 campaign and how it handles its users’ data and privacy.
Chip Somodevilla | Getty Images News | Getty Images
FacebookMark Zuckerberg, CEO of Facebook came out swinging right at the start. third quarter earningsPhone Monday. He defends his company’s work on user effects after analogue. slew of press reportsMonday is based on documents leaked by an ex-employee.
Zuckerberg stated that “good faith criticism helps us to get better.” My view is that we’re seeing a concerted effort to use the leaked documents selectively to create a negative image of our company. We have an open culture where there is room for discussion about work and we are open to research so that we can move forward on complex topics that don’t just concern us.
Zuckerberg claimed that Facebook did this because it cares about making sure things are right.
The reports came from a consortium of 17 news outlets in the U.S.Frances Haugen was an ex-employe who provided documents for internal research and sought whistleblower status. These documents are based on an earlier series by The Wall Street Journal. Hearings were held in this regard. U.S. CongressAnd abroad
According to the reports, Facebook knew that its services might have negative effects on users’ mental health and send them polarized advice. They also spread dangerous misinformation. Facebook claims it has made all these improvements, but its critics claim that the company has not acted fast enough or boldly enough.
Zuckerberg stated that Facebook’s problems are an expression of the society.
Zuckerberg explained that “these issues aren’t primarily about Facebook.” “This means we won’t be able to solve these problems on our own, no matter what Facebook does.”
While he claimed that polarization started rising in America “before my birth,” he also pointed to research not specified that showed that countries using similar social media have experienced stagnant or declining levels of polarization.
He stated that Facebook has to make a choice between many trade-offs such as encryption or supporting investigations by law enforcement.
He said, “It’s a soundbite that says we don’t solve impossible trade-offs, because we’re only focused on making more money,” but the truth is, these issues aren’t primarily about business but rather about how to balance different difficult social values.”
Zuckerberg stated that he supports regulation so companies such as Facebook don’t have to make those choices.
He stated that he was proud of all the Facebook research and stressed the importance of security and safety measures.
He said that he was concerned about the negative impact of Facebook’s response on other companies doing similar work.
“I’m concerned about how we encourage other companies to be as self-aware as we have been,” said he. “But, I’m committed to this work because it will be better our community and for our business over time.”
New ‘North Star’
Zuckerberg presented a new strategy for Facebook’s future at the conclusion of his opening speech. Zuckerberg stated that Facebook will no longer be a platform that serves the largest number of users, but instead, it will place more emphasis on young people between 18 and 29.
Zuckerberg explained that they are restructuring our teams to focus on young adults and not optimizing for an older population. This will require some adjustments to our product, and will probably mean the rest of our community grows slower than usual. It should, however, mean that young people will benefit from our services.
Zuckerberg stated that the change would not take place in a matter of months but years.
Zuckerberg also mentioned other changes, like refreshing Facebook or Instagram to emphasize video and leaning on its Reels short-video product. This would allow the platform to be more similar to TikTok while still pursuing a large portion of its userbase. Zuckerberg cited TikTok among the most powerful competitors that it has seen.
When confronted with questions regarding its vast power and rapid growth, Facebook frequently refers to TikTok. This is the subject of an Antitrust Complaint brought by Federal Trade Commission. FTC accuses Facebook of illegally monopolizing the social media space through acquisitions like Instagram and WhatsApp.
Multiple reports based on leaked documents show that Facebook worries about growing engagement among its younger users. If this happens, it could pose an existential threat for its future. However, lawmakers and other concerned parties may be relieved to focus more on younger adults than teenagers under 18. warned Facebook against making a version of its products for kids
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