Zuckerberg gets richer after his testimony to Congress in data scandal

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Zuckerberg gets richer after his testimony to Congress in data scandal

In fact, one senator, even asked Zuckerberg whether Europe "has it right" when it comes to managing companies like Facebook, to which Zuck hesitantly replied that Europe "gets some things right", prompting laughter from the room.

Jelinek on Wednesday expressed support for similar probes from European authorities, like the one launched by the UK's Information Commissioner's Office (ICO), but added that regulators also need to take a broader look at the practice of data harvesting and its implications for internet users.

Zuckerberg apologized and said that the company "made a mistake" in blocking a Catholic theology degree advertisement by Franciscan University of Steubenville, when asked about it by Washington state Congresswoman Cathy McMorris Rodgers on the second day of questioning.

But leaving Zuckerberg and his fellow titans to come up with appropriate regulation is way too much of a surrendering of Congress' proper oversight role. His stake in the company is now worth around $66 billion.

The developer of the quiz app Cambridge Analytica used to collect the data of some 87 million Facebook users also had access to their private messages, according to a warning sent by the social media giant to affected users. The fallout from the scandal also precipitated Mark Zuckerberg's appearance before the US Congress this week.

However, in a series of questions on how people can remove data from Facebook, Mr Zuckerberg said Facebook does "collect data on people who are not signed up for Facebook for security purposes".

Lawmakers were at times aggressive Tuesday as they accused Zuckerberg of failing to protect the personal information of millions of Americans from Russians intent on upsetting the USA election.

"We are working to advocate technology", Parakilas said, "that aligns with humanity's best interest".

Facebook will soon be governed by stricter privacy controls in Europe, and Zuckerberg said he would extend those privacy protections, which take effect in May, to Facebook users in the U.S. Jefferies said in an April research note that the firm "analyzed Facebook's traffic over the course of March and believe that recent headlines around Facebook's data policies have not meaningfully impacted engagement on the platform". "But at the same time it doesn't seem like future activities are prevented". He offered no details, citing a concern about confidentiality rules of the investigation.

Regardless of what users choose to do, those who continue to participate on these social media sites should always do so with caution.

Nor is Facebook apparently expecting new legislation that could hurt its bottom line. What must change is the data Facebook is allowed to keep, how it is allowed to handle it, and the business model that has Facebook making profits from targeted advertising relying on its aggregated data.

The company does this by using different techniques integrated into pages around the web.

Yesterday Facebook shares dipped, but are still up three percent overall since Zuckerberg began his testimony on Capitol Hill.

35% said they will be using it less than they used to. We've got to change that.

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