Mark Zuckerberg emerges unscathed as two-day Facebook US hearings end

Facebook Shares Log Biggest Daily Gain In Nearly 2 Years After Zuckerberg's Testimony

Mark Zuckerberg defended Facebook's business model on Wednesday against fierce criticism of how it feeds user data to advertisers, even as he admitted his own personal information had been leaked to outside companies.

Zuckerberg admitting that Cambridge Analytica had accessed his private information isn't the only recent revelation about the Facebook co-founder.

"Every time, there is a control right there - not buried in settings somewhere, but right there, when they're posting about who they want to share it with", he added.

Zuckerberg didn't say yes but explained that some data related to non-Facebook users is collected for security reasons and to prevent mass scrapping of user data on the platform.

Noting that a European data protection standard due to come into effect on May 25 was more stringent than what was now in place at Facebook, Zuckerberg suggested it could serve as a rough model for United States rules in the future. He gave no further details.

Democratic Representative Debbie Dingell said Facebook used computer code embedded in websites to gather dossiers on virtually everyone online, whether they like it or not.

Unless Zuckerberg himself took the infamous "thisisyourdigitallife" quiz, which we find to be unlikely, the CEO is probably Facebook friends with someone who did take the quiz.

While some of the questions were clearly too specific for Zuckerberg to answer without referring to some sort of written documents, many of his "follow up" promises were nothing more than his lawyer-coached way of saying no or refusing to answer a question. It is, it's nuanced, and what we try to, we try to lay this out in our community standards, which are public documents that we can make sure that you and your office get to look through the definitions on this. "Some things are striking during this conversation", she said. Gary Peters (D-MI)."No", Zuckerberg replied, firmly.

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"As this was the first time Mr. Zuckerberg has come to testify before Congress, Mr. McKinley wanted to use this opportunity to press him on the issue", he said.

"The only way we're going to close this trust gap is through legislation that creates and empowers a sufficiently resourced expert oversight agency, with rulemaking authority to protect the digital privacy and ensure that companies protect our users' data".

Larger, more dominant companies like Facebook have the resources to comply with government regulation, he said, but "that might be more hard for a smaller startup to comply with".

Cambridge Analytica reportedly accessed Facebook data of 87 million users. "I started Facebook, I run it, and I'm responsible for what happens here".

The congressman said non-members of Facebook wanting to know what data the company holds are directed by the service to sign up for a page in order to see what information is being harboured.

"It's pretty obvious to me that someone is listening to the audio on our phones", Buschon said.

During the hearing, Facebook shares made a noticeable jump, gaining 4.5 percent, adding $20 billion to its market cap - the biggest daily gain in almost two years.

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