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Whistleblower Accuses Fb of Hiding the Hurt it Causes for Customers
A Fb (FB) whistleblower testified earlier than Congress yesterday. Frances Haugen, who labored in Fb’s civic integrity unit and stop earlier in 2021, advised lawmakers that Fb repeatedly put income over the well being and security of its customers. Haugen additionally testified that Fb designs its algorithms to steer customers to high-engagement content material, even when that content material is dangerous.
The explosive testimony comes after the Wall Road Journal printed a sequence of articles in regards to the inside workings of Fb. Haugen was the supply for these tales. Throughout her testimony, Haugen mentioned Fb ought to face the identical kinds of rules because the tobacco and automotive industries.
Fb Accused of Defrauding Advertisers, Harming Teenagers’ Self-Esteem
Haugen filed eight complaints with the Securities and Alternate Fee relating to Fb’s conduct. These complaints included allegations that Fb hid inside analysis exhibiting that its platforms contributed to a decline in youthful customers’ shallowness and physique confidence. She additionally contends that Fb misrepresented its core metrics on particular person consumer progress and content material produced to traders and advertisers. “By delivering too many adverts to customers that the advertisers didn’t wish to pay for, Fb overcharged advertisers on an unlimited scale,” Haugen mentioned.
In her remarks, Haugen advised Congress she knew she may face backlash from Fb for giving her testimony, however she felt it was the fitting factor to do. “I got here ahead as a result of I acknowledged a daunting reality: nearly nobody outdoors of Fb is aware of what occurs inside Fb,” she mentioned.
Zuckerberg’s Private Wealth Falls by Over $6 Billion
The whistleblower testimony in Congress got here a day after Fb confronted one in all its longest outages ever. Instagram and WhatsApp, which Fb owns, had been additionally out of fee for hours, sending shares of the tech large plummeting practically 5% Monday. In someday, Fb CEO Mark Zuckerberg’s private wealth fell by over $6 billion to $121.6 billion. With Fb shares about 15% decrease for the reason that center of September, Zuckerberg’s wealth is down about $19 billion.
The hours-long outage impacted billions of customers who had been locked out of Fb’s platforms. Fb apologized for the outage and blamed configuration modifications on its routers.
Fb has been having a tricky week and it’s solely Wednesday. Will probably be attention-grabbing to see how Congress reacts to Haugen’s testimony and what influence this can have on the corporate.
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