Zuckerberg's pay rose 54% to US$8.9M in 2017

Bessie Dean
April 15, 2018

Facebook is a step beyond that - it's the network effect on steroids.

Earlier this week, Zuckerberg emerged largely unscathed after facing hours of questioning from United States lawmakers on how the personal information of several million Facebook users might have been improperly shared with political consultancy Cambridge Analytica. Some people are downloading their data to see exactly what information Facebook has collected about them.

This week, Facebook's founder and chief executive, Mark Zuckerberg, was grilled by the US Congress in Washington over the company's business model and the breach of trust which saw the information of about 87 million users affected worldwide.

Get Data Sheet, Fortune's technology newsletter. The data collection didn't violate any rules.

"Thirty-five percent said [they were] using it less than they used to and another 31% changed their settings".

In its 2017 annual financial report, Facebook said, "We generate substantially all of our revenue from selling advertising placements to marketers". Future scandals could potentially damage the company's reputation.

Facebook's shares were also up by 4.5 percent, closing at $165, over the course of the Senate hearing, its highest closing price since March 21, with its market capitalization swelling by $20 billion. However, this meant that the Facebook Events data would also include information about who else attended the event, as well as any posts shared on the event's wall. In a March 7 email to Dehaye, Facebook's privacy operations team essentially said that because this information is kept in a more hard to reach area than the basic stuff, it had decided it wasn't going to include it in the file.

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New Mexico representative Ben Lujan asked for Zuckerberg to elaborate on the practice, questioning how many data points Facebook collects on those that haven't even joined the platform.

Facebook says that among the information it collects - which users can view about themselves - is "a list of [advertising] topics that you may be targeted against, based on your stated likes, interests and other data you put in your timeline".

The way things are going, it looks like Zuckerberg will have to dust himself off for a progressively harder time with the US Congress in the coming months.

"We cannot have a society in which, if two people wish to communicate, the only way that can happen is if it's financed by a third person who wishes to manipulate them".

Zuckerberg appeared to confirm the news that Facebook had sent Diamond and Silk, otherwise known as Lynette Hardaway and Rochelle Richardson, a note saying their "content and brand" were "unsafe to the community".

The E.U.'s General Data Protection Regulation will impose much stronger privacy obligations and much more proactive privacy obligations on companies, Laidlaw said.

One surprising admission made by Mr Zuckerberg before these hearings was that despite acknowledging the company made big mistakes, nobody has been fired over the Cambridge Analytica affair.

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