Facebook has paid record-setting fines to the Federal Trade Commission over the past two years, suspended Donald Trump’s accounts and had a whistleblower testify to Congress of its negative impacts on the U.S. But the company and other social media outlets continue to grow faster than expected.
Nothing seems to faze Facebook. The Menlo Park-based company changed its corporate name to Meta on Thursday, Oct. 28, just days after a series of stories surrounding the Facebook Papers. The papers — more than 10,000 pages of redacted internal documents obtained by several news organizations including The Associated Press — shed light on the company’s approach to misinformation and hate speech moderation.
On Monday, Oct. 25, Facebook whistleblower Frances Haugen gave testimony to U.K. lawmakers about how the company has dedicated little resources to stop the spread of false information on several topics such as the 2020 presidential election and the COVID-19 vaccines.
The social media giant is not new to scandal. It paid a record-setting $5 billion fine in 2019 to the FTC over allegations it deceived users about their ability to control the privacy of their personal information.
Facebook said its net income grew 17% in the July-September period to $9.19 billion, buoyed by strong advertising revenue. That’s up from $7.85 billion a year earlier. Revenue grew 35% to $29.01 billion. The results exceeded analyst expectations.
Facebook regulation
On Monday, Oct. 25, after Haugen testified in London, Facebook said, “While we have rules against harmful content and publish regular transparency reports, we agree we need regulation for the whole industry so that businesses like ours aren’t making these decisions on our own.”
Facebook pointed to investing $13 billion on safety and security since 2016, asserting it’s “almost halved” the amount of hate speech over the last three quarters.
The world’s population was estimated to be about 7.83 billion in January. There are now 4.20 billion social media users around the world. This figure has grown by 490 million (up 13%) in the last year.
It is estimated that 53% of the world’s population are using social media and 35.6% are using Facebook.
Online platforms
According to a 2021 Pew Research Center survey, 81% of Americans say they use YouTube. The second-most used platform was Facebook at 69%.
Sources: Facebook, BusinessInsider, The Associated Press, The Guardian, Time magazine, Slate, TechCrunch, Computerworld, NASDAQ.com, Wearesocial.net, The Pew Research Center
Researcher Charles Apple contributed to this report.
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November 04, 2021 at 12:21AM
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Social media: A look at how Facebook shrugs off its scandals - Woodland Daily Democrat
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