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  1. Facebook co-founder Chris Hughes argues for a breakup of Facebook, but easier said than done Facebook could be a monopolist, but it's not a slam dunk the courts would see it that way. A Facebook breakup is interesting but the details are messy. Facebook's privacy pivot elicits skepticism at F8 Facebook co-founder Chris Hughes says the social networking giant and CEO Mark Zuckerberg have too much power over communications and it's time to break apart the company. In a New York Times essay, Hughes makes hi
  2. Facebook seeks investors for planned cryptocurrency, merchants who might accept it. Enlarge / Facebook CEO Mark Zuckerberg checks his phone during the annual Allen & Company Sun Valley Conference, July 13, 2018 in Sun Valley, Idaho. Drew Angerer/Getty Images If Facebook's pivot from town square to private living room wasn’t laden with enough irony, here’s a new twist: Big business, it appears, has been invited to join us by the fireplace. On Thursday, The Wall Street Journal reported new potential detail
  3. The AchieVer

    Uber and Facebook: Partners in crime

    Uber and Facebook: Partners in crime Uber's IPO will probably be the biggest since Facebook's. It's remarkable how similar the companies are. He made the world a better place. For himself. I'm experiencing a bubbling sensation just below my throat. No, not acid reflux. It's the sheer vicarious, stomach-churning excitement I have for all those who'll make a vast fortune out of Uber's IPO. You see, it's rumored to b
  4. The head of Facebook’s blockchain subsidiary Calibra David Marcus has released his prepared testimony before congress for tomorrow and Wednesday, explaining that the Libra Association will be regulated by the Swiss government since that’s where it’s headquartered. Meanwhile, he says the Libra Association and Facebook’s Calibra wallet intend to comply will all US tax, anti-money laundering, and anti-fraud laws. Image: David Marcus “The Libra Association expects that it will be licensed, regulated, and subject to supervisory oversight. Because the Association
  5. This record-breaking fine will become an indelible mark, reminding the world why the social network is not to be trusted. That’s bad news for Libra. It looks like Facebook’s $5 billion settlement, which was ratified by the Federal Trade Commission, will likely go through. The deal was approved 3-2 along party lines, with the Republican commissioners voting for it and the Dems—who represent, arguably, the victims of the Cambridge Analytica data breach that may have helped elect Donald Trump—voting against it. All that remains is for the
  6. Jaguar is a mouse. He lives at Harvard’s Rowland Institute, where, from time to time, he plays video games on a rig that looks like it belongs in A Clockwork Orange. Metal bars position him inside a small platform in front of a metal lever; his mission is to find a virtual box’s edges by feel. To do this, he reaches with his right paw to grab the joystick, which can rotate 360 degrees, and maneuvers it until he feels feedback from the machine. When he reaches the right target area—say, an edge of the box—a tube rewards him with a dribble of sugar water. To track Jaguar’s
  7. Key Points Central bankers around the world say Facebook should expect regulatory questions over its new cryptocurrency. Libra, announced earlier this week, is backed by a basket of bank deposits and short-term government securities. Fed Chairman Jerome Powell also says he's spoken with Facebook about the digital currency. Facebook will find itself dealing with plenty of regulatory questions about its new cryptocurrency
  8. WASHINGTON (Reuters) - Facebook Inc’s plans to create a global cryptocurrency will face scrutiny from the U.S. Senate Banking Committee on July 16, the latest sign that policymakers around the globe are casting a wary eye on the project. The hearing will explore the project, dubbed Libra, as well as any data privacy considerations it may raise, the committee said on Wednesday. No witnesses have been announced yet, according to a committee spokesperson. David Marcus, who oversees Facebook’s blockchain efforts, is expected to testify, according to a source in
  9. BERLIN (Reuters) - German authorities have fined Facebook 2 million euros ($2.26 million) for providing a distorted picture of the amount of illegal content on the social media platform, a violation of the country’s law on internet transparency. In a statement issued on Tuesday, the Federal Office of Justice, a judicial agency, said that by publishing incomplete information regarding the complaints it had received, the web giant created a skewed picture. Faced with a global backlash over the role its platform played in election campaigns from the United S
  10. SAN FRANCISCO (Reuters) - Facebook’s Silicon Valley campus received the all-clear on Tuesday after fears that a package at its mail facility contained the nerve agent sarin. Four of the social media company’s buildings were evacuated on Monday and two people were checked for possible exposure to the compound that attacks the nervous system and can be fatal. But exhaustive testing by fire and hazardous material teams found no toxic material, said Jon Johnston, fire marshal for the city of Menlo Park in California where Facebook is based. “There
  11. SAN FRANCISCO (Reuters) - Facebook Inc evacuated four buildings and two people were being evaluated for possible exposure to the nerve agent sarin on Monday after a package at the social media company’s Silicon Valley mail facility tested positive for the toxic compound. The people who came in contact with the suspicious package at about 11 a.m. PT (1800 GMT) did not show any symptoms of exposure to sarin, said Jon Johnston, fire marshal for the city of Menlo Park, California, where Facebook is based. “The (Facebook) facility tests all of the packages that
  12. An Australian Court has ruled that media organizations are liable for anything defamatory that’s published to the public Facebook pages of those media companies, even if it’s just posted by a random Facebook user. The Supreme Court of New South Wales ruled today that Facebook pages controlled by the Australian media companies Fairfax, Nationwide News, and Sky News all contained defamatory content and that they should be held liable despite the fact that none of the news organizations published the content to Facebook themselves. Dylan Voller, an Aboriginal-
  13. PARIS (Reuters) - Facebook has agreed to hand over the identification data of French users suspected of hate speech on its platform to judges, France’s minister for digital affairs Cedric O said on Tuesday, adding the deal was a world first. The move by the world’s biggest social media network comes after successive meetings between Facebook’s founder Mark Zuckerberg and French President Emmanuel Macron, who wants to take a leading role globally on the regulation of hate speech and the spread of false information online. So far, Facebook has cooperated wit
  14. Please break up Facebook, cofounder asks regulators They say that breaking up is hard to do, but Hughes really wants to try. Enlarge / Mark Zuckerberg and Chris Hughes on Harvard's campus in 2004, well before Facebook started taking over the world. Rick Friedman/Corbis via Getty Images Facebook cofounder Chris Hughes isn't just idly wondering if regulators might break up the tech behemoth he helped launch. He's going on a personal tour, meeting with state and federal officials to lay out in detail the way he thinks it could
  15. Facebucks — Facebook is backpedaling from its ambitious vision for Libra Under pressure from regulators, Facebook is rethinking Libra's design. Enlarge / David Marcus, head of blockchain at Facebook, speaks at a House Financial Services Committee hearing on Wednesday, July 17, 2019. Andrew Harrer/Bloomberg via Getty Images David Marcus, the head of Facebook's new Calibra payments division, appeared before two hostile congressional committees this week with a simple message: Facebook knows policymakers are concerned ab
  16. G7 urges tough Libra regulation, agrees to tax digital giants CHANTILLY, France (Reuters) - Digital currencies such as Facebook’s planned Libra raise serious concerns and must be regulated as tightly as possible to ensure they do not upset the world’s financial system, Group of Seven finance ministers and central bankers said on Thursday. G7 finance ministers and central bank governors pose for a family photo, during the G7 finance ministers and central bank governors meeting in Chantilly, near Paris, France, July 17, 2019. REUTERS/Pascal Rossignol
  17. LONDON (Reuters) - Bitcoin fell 8% on Tuesday, breaching $10,000 for the first time in two weeks after U.S. lawmakers grilled Facebook on its cryptocurrency plans, as political and regulatory scrutiny of digital coins intensifies. The biggest cryptocurrency fell to $9828.89 by around 1630 GMT after David Marcus, the company’s top executive overseeing the planned Libra project, answered questions from the Senate Banking Committee. Earlier in the day, bitcoin had lost around 3%. Traders said the trigger for the selling was not immediately clear. Durin
  18. WASHINGTON (Reuters) - Facebook Inc is “delusional” to believe people will trust it with their money, a U.S. senator said on Tuesday as lawmakers from both sides of the aisle grilled the social media company on its plans for a digital currency at a hearing on Tuesday. Facebook is fighting to get Washington onside after it shocked regulators and lawmakers with its announcement on June 18 that it was hoping to launch a new digital coin called Libra in 2020. Since then it has faced criticism from policymakers and financial watchdogs at home and abroad who fea
  19. It will focus on Facebook's dominance and "potential anticompetitive conduct." Facebook is being put under the microscope for possible antitrust violations. Letita James, attorney general for New York state, announced today that she will be leading a bipartisan investigation into the company. The exact scope of their work, however, is unclear at the moment. In a statement, the attorney general said it would focus on Facebook's "dominance in the industry and the potential anticompetitive conduct stemming from that dominance." Which could mean anything
  20. The move comes exactly one week after Pinterest announced a similar initiative. Following on the heels of Pinterest, Facebook is launching a new initiative aimed at combating anti-vaccine misinformation. Moving forward, whenever Facebook users search for vaccine-related content, including through groups and hashtags, the social network will display a card that prompts those individuals to instead obtain information from a credible source. In the US, the notification will direct people to the website for the Centers for Disease Control and Prevention (CDC). In other par
  21. The social network has faced criticism for what content it leaves up or pulls down. Facebook CEO Mark Zuckerberg. Facebook CEO Mark Zuckerberg and COO Sheryl Sandberg are "incredibly involved" in the social network's toughest content moderation decisions, according to a report by Yahoo Finance on Monday. The world's largest social network has landed in the hot seat numerous times for what it decides to leave up or remove from its site. It's also faced criticism for the working conditions of content moderators who help Facebook police hate speech and other o
  22. SAN FRANCISCO (Reuters) - A U.S. judge on Friday denied Facebook Inc.’s request to dismiss a lawsuit by the Washington, D.C. attorney general over the social media giant’s improper sharing of 87 million users’ data with British political consulting firm Cambridge Analytica. The U.S. capital city sued Facebook in December, accusing it of misleading users because it had known about the breach for two years before disclosing it and had allowed third-party app makers to access user information without their consent. Judge Fern Flanagan Saddler signed the order
  23. Facebook's Mark Zuckerberg to face leadership vote Image copyrightREUTERS A vote calling for Mark Zuckerberg to stand down as Facebook's chairman is expected to take place at the company's annual general meeting on Thursday. Mr Zuckerberg is both Facebook's chief executive and the chairman of its board of directors. Those calling for him to step down as chairman say this would help him focus on running the company. Mr Zuckerberg is very unlikely to lose the vote, because he has 60% of the voting power.
  24. Nancy Pelosi clip shows misinformation still has a home on Facebook Image copyrightGETTY IMAGES Image captionThe video of House Speaker Nancy Pelosi had been slowed by 25% Facebook has said it won’t remove a doctored video that makes Democratic leader Nancy Pelosi appear incoherent. One upload of the clip has been viewed more than 2.5 million times - and remains visible. "There’s a tension here,” Facebook said, between allowing free speech, and preventing the spread of fake news. “We work hard to find the right bala
  25. Facebook gets away with it again Mark Zuckerberg is laughing at you Facebook’s stock went up after news of a record-breaking $5 billion FTC fine for various privacy violations broke today. That, as the New York Times’ Mike Isaac points out, is the real story here: the United States government spent months coming up with a punishment for Facebook’s long list of privacy-related bad behavior, and the best it could do was so weak that Facebook’s stock price went up. From some other perspectives, that $5 billion fine is a big
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