Zuckerberg Apology Tour Calms Nerves But Facebook Price Target Lowered

An estimated one in 50 Australian Facebook users are thought to have their data leaked. It's data that made Zuckerberg a billionaire.

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

As many as 87 million Facebook users who might have had their data shared were to receive a detailed message on their feeds this week.

Despite the fact that Zuckerberg was out there mostly answering softball questions, and explaining how the internet works, investors thought his appearance showed reason to have more confidence in the company.

Zuckerberg couldn't name a single competitor. Zuckerberg admitted that Facebook's data was used in the famous "Analytica scandal".

Facebook on Monday said: "Our goals are to understand Facebook's impact on upcoming elections - like Brazil, India, Mexico and the U.S. midterms - and to inform our future product and policy decisions".

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

"Congressman, I do not know off the top of my head but I can have our team get back to you afterwards", came the familiar response which has become a crutch for Mr Facebook whenever he's been asked a question which may elicit an uncomfortable truth.

Mark Zuckerberg, CEO of supposed surveillance titan Facebook, has apparently never heard of shadow profiles. The information that we collect, you can choose to have us not collect.

"When it comes to the stuff that prompted this discussion, the Cambridge Analytical aggregate IQ stuff, I do think we need regulation but I don't think it's directed at Facebook, I think it's directed at political parties and their operatives who are, at least in Canada, outside the scope of any privacy regulation".

Are you a Facebook user?

Zuckerberg also wasn't clear on how the company would offer all users privacy protection equal to that offered by European Union regulations taking effect next month. Some people are downloading their data to see exactly what information Facebook has collected about them.

For now, investors also believe Facebook appears relatively unscathed with the company's shares trading relatively flat on Friday at $164.59.

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

- Do you trust Facebook?

Facebook may be under scrutiny from privacy regulators, and its CEO in the hot seat in front of Congress, but the social network doesn't expect any of this outrage to affect its bottom line. "We will also no longer allow apps to ask for access to personal information such as religious or political views, relationship status and details, custom friends lists, education and work history, fitness activity, book-reading activity, music-listening activity, news reading, video-watching activity, and games activity", said Facebook in an official statement.

Lujan: It may surprise you that we've not talked about this a lot today.

(Copyright © 2015. All Rights Reserved.)
 
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