The Senate hearing on Tuesday ended with a little hope of a course of action, indicating that Facebook is here to stay and that there’s little the privacy advocates can do after all. Mark Zuckerberg, Facebook Inc. Chief Executive masterfully navigated through the first two hearings without conceding defeat.
All through the congressional hearings, he refused to make promises that his company will abide by the new regulations or change the business model to suit the privacy advocates.
Although he spent ample time apologising for what he admitted was the social network’s mistakes for failing to protect the private information of users from exploitation and for allowing “fake news” to thrive on the platform to influence the 2016 US election, he skilfully managed to handle any attempt to support any congressional regulations.
The new congressional regulation affects every internet-based company in the US and may likely change revenue, especially those of Alphabet’s Google and Facebook Inc. which account for the most significant search sites globally and inadvertently make their fortune from adverts. When asked what regulations he thought were necessary, Mark Zuckerberg replied:
“I’ll have my team follow up with you so that way we can have this discussion across the different categories where I think this discussion needs to happen.”
The investors were pleased with his diplomatic responses, and this saw the shares which have fallen steeply since the inception of the crisis sour, closing up at 4.5. This is the biggest daily gain the firm has recorded in two years. After it became public notice that users’ information was leaked to Cambridge Analytica, the social network stock shares fell, and the crises got more complicated after Europe’s discovery that about one million of the leaked data belonged to European Facebook users.
Nevertheless, Mark Zuckerberg’s performance has once again placed Facebook on a pedestal among users and investors who had struggled to come to terms with Facebook’s reaction to the role it played in the leaked data and the US 2016 election.
This proves only one thing- Mark Zuckerberg is still the man for Facebook. Regardless of the fact that he maintains 60% voting rights and cannot be unseated as Chief Executive Officer of Facebook Inc., he’s an internet mogul that understand correctly what he’s doing and how the internet business works.