| 2018-04-09 13:10:02|
13:10 04/09 04/09/18
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 itÃ¢Â€Â™s clear now that analysts didnÃ¢Â€Â™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 didnÃ¢Â€Â™t take a broad enough view of our responsibility, and that was a big mistake. It was my mistake, and IÃ¢Â€Â™m sorry. I started Facebook, I run it, and IÃ¢Â€Â™m responsible for what happens here." And 2) the solution could hit their bottom line: "IÃ¢Â€Â™ve directed our teams to invest so much in security -- on top of the other investments weÃ¢Â€Â™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.