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Zuckerberg gets richer after his testimony to Congress in data scandal

Zuckerberg gets richer after his testimony to Congress in data scandal

For some reason shadow profiles rarely came up during the hearing the past two days but New Mexico Senator Ben Lujan had clearly done his homework.

What is scandalous is how Facebook enabled others to weaponize that power for foreign meddling in the presidential election.

The E.U.'s General Data Protection Regulation will impose much stronger privacy obligations and much more proactive privacy obligations on companies, Laidlaw said.

He also said Facebook does not collect information from users' verbal conversations through mobile devices' microphones.

Zuckerberg was unable to answer Dingell, the MI congresswoman, when she asked how frequently Facebook used computer code embedded in websites to gather dossiers on virtually everyone online.

Zuckerberg couldn't name a single competitor. While this week the Silicon Valley giant's stock has experience a modest recovery as its CEO appears calm and collected in front of USA lawmakers, the high-flying FAANG stock saw roughly $100 billion shaved off its market capitalization in the weeks following its latest data crisis.

Forbes, which tracks real-time data to create the ranking of the world's billionaires, lists him as the seventh richest person in the world.

Since the data privacy scandal relating to Cambridge Analytica the company had suffered great losses and while the company has not yet regained these losses, the turnaround suggests traders are less anxious about the heavy-handed regulation of tech companies than they were before. There are multiple articles showing you how to change your privacy settings and even delete Facebook altogether.

More news: Steady Activities: Medtronic plc (MDT), American International Group, Inc. (AIG)

"It is inevitable that there will need to be some regulation" of internet firms, Zuckerberg said, but he avoided any specifics.

Mark Zuckerberg faced a tough day of questioning on his second day of US Congressional questioning on Wednesday.

And it's good news for anyone who owns shares in Facebook, they should be happy as they will be slightly richer also.

It will be weeks before Facebook responds to Congress and addresses this issue.

"I think one of the problems here is this has been a giant experiment in corporate social responsibility and what it shows is that it has failed in this respect".

"This is a wake-up call to Silicon Valley and the tech community that if you let these things get out of hand, having grown up in a very lightly regulated environment, you could end up with a lot more regulation than you seek", he said after the hearing. "You've said everyone controls their data, but you're collecting data on people who are not even Facebook users who have never signed a consent, a privacy agreement", Lujan said.

And the exec failed to give straight answers when Rep. Kathy Castor (D-FL) asked about certain kinds of data Facebook collects, attempting to shift to a rehearsed talking point: "Congresswoman, the primary way that Facebook works is that people choose to share data, and they share content because they're trying to communicate". The project was highlighted in the 2010 film "The Social Network", based on Facebook's roots, and is perhaps the earliest example of Zuckerberg's access to people's personal information online. Some people are downloading their data to see exactly what information Facebook has collected about them.


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