Breaking News Instant updates and real-time market news.

13:10
04/09/18
04/09
13:10
04/09/18
13:10

A couple of key excerpts from Zuckerberg's testimony

A couple of key excerpts from Zuckerberg's testimony from the 7 pages stood out from the rest. 1) the Facebook CEO is shouldering the blame: "But it’s clear now that analysts didn’t do enough to prevent these tools from being used for harm as well. That goes for fake news, foreign interference in elections, and hate speech, as well as developers and data privacy. Analysts didn’t take a broad enough view of our responsibility, and that was a big mistake. It was my mistake, and I’m sorry. I started Facebook, I run it, and I’m responsible for what happens here." And 2) the solution could hit their bottom line: "I’ve directed our teams to invest so much in security -- on top of the other investments we’re making -- that it will significantly impact our profitability going forward. But I want to be clear about what our priority is: protecting our community is more important than maximizing our profits." Of course, that may be a small price to pay relative to their profits and a potential existential crisis, but FB shares are still up about 2% for now, after their 20% skid from highs earlier this year that compounded Wall Street volatility in addition to saber rattling on trade. The full text can be found here.

TODAY'S FREE FLY STORIES

Get Full Fly Access

Breaking market intelligence sent straight to you
Our team of experts analyze every news story and filter out the noise to deliver real-time market moving news.
Up-to-date information on important industry events
Get real-time updates on events that are moving the market—from conferences and calls to syndicate announcements.
News focused on the companies in your portfolio
Create up to 12 portfolios with 150 stocks each, and see how active they are in market news.