Sun. Dec 15th, 2019

Mark Zuckerberg Backs Stricter Government Regulations Amid Failing Trust In Internet Business Tech Giants

Facebook CEO Mark Zuckerberg backed stronger government regulation of the Internet on Saturday, but it may be too little too late for a company that remains mired in controversy and subject to investigations around the world.

It’s been over a year since the public learned that a U.K.-based political consulting firm called Cambridge Analytica exploited Facebook’s business model to influence the U.S. presidential election in 2016.

Since then, the company has faced growing scrutiny from its users and even employees as more privacy scandals unraveled throughout 2018.

Though Facebook’s top executives were hauled in to face critical congressional leaders, its users and investors don’t seem to care.

The company, which has a market value over $475 billion, posted a strong Q4 2018 earnings report in January.

Facebook also met analysts’ expectations for daily and monthly active users, which clocked in at 1.52 billion and 2.32 billion, respectively.

Despite all the scandals, its stock price is up more than 4 percent over the past year, trading at $166.69 as of Friday’s close.

If users don’t care, regulators might. Facebook still faces a number of investigations and charges from various agencies in the U.S. and abroad, which combined, have the potential to levy significant fines.

There are several agencies thought to be still investigating or charging Facebook over its data practices, although several agencies declined to confirm the status of their investigations.

A Facebook spokesperson did not provide comment for this article and declined to confirm which government entities are still probing its business.

The company has previously said it is cooperating with government agencies at home and abroad.

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