Blog Exposure - Mark Zuckerberg Testifies Before European Parliament Days Before the EU Enforces the GDPR

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LONDON, UK / ACCESSWIRE / May 24, 2018 / If you want access to our free research report on Facebook, Inc. (NASDAQ: FB), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=FB as the Company's latest news hit the wire. On May 22, 2018, the Company's CEO, Mark Zuckerberg, had agreed to meet the representatives of the European Parliament in Brussels, Belgium. He was invited by Antonio Tajani, President of the European Parliament to clarify his stand on the Cambridge Analytica scandal and the use of personal data at Facebook. Since the session was technically termed as a meeting, Mark was not under oath. The meeting was streamed live on the European Parliament's website and Facebook. Register today and get access to over 1,000 Free Research Reports by joining our site below:

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The meeting comes in at a critical juncture as the European Union (EU) readies to enforce the General Data Protection Regulation (GDPR) on May 25, 2018. The EU's GDPR will replace the outdated personal data laws across the EU and will be equipped to tackle the current levels of technological changes in the digital space. It is aimed to protect and empower all EU citizens data privacy and to alter the way organizations across the region approach data privacy.

Highlights of Mark Zuckerberg's meeting

The meeting took place across a circular table where Mark first read out a statement followed by questions from European Parliamentarians and then replies from former. Due to the time constraints the meeting format was such that first all questions were put across to Mark and he attempted to reply to all of them together.

In his opening statement, Mark apologized for the massive data leak and accepted that in the last couple of years Facebook had not done enough to prevent any app developer from misusing data even though the Company had policies in place for the same. He assured the members of the European parliament that an incident like Cambridge Analytica data scandal would not be repeated. He also emphasized several points like how keeping people safe was more important than profits, how elections need to be fair, his plans to update the security by hiring more people, proactively suspending over 200 apps from its platforms while simultaneously investigating third-party apps that have access to large quantities of user data, how Facebook is already readying to meet with EU's GDPR requirements etc. He outlined various strategies as to how Facebook will ensure all users and their data are secure, how the Company planned on making advertising more transparent.

The members of the European Parliament bombarded Mark with several tough questions. Manfred Weber, Member of European Parliament from Germany wanted to know if Mark could guarantee that European citizens would not have to face a scandal like Cambridge Analytica. Another member, Guy Verhofstadt from Belgium, asked Mark if he would like to be remembered like Bill Gates or Steve Jobs for their noble deeds and contribution to the world, "or do you want to be remembered as a genius who created a monster?"

There were many other questions like Facebook's stand on bullying which led to teenage suicides, about data sharing between Facebook and its messaging app WhatsApp, whether Facebook was a monopoly in need of greater regulation, and whether it was complying with GDPR, etc.

Mark was unable to address all the questions due to the short time frame which irked many of the European parliamentarians. He acknowledged that there were a lot of specific questions that he didn't get around to answer and he has promised that his colleagues would provide written replies to the unanswered questions.

The Cambridge Analytica scandal

In March 2018, The New York Times along with The Observer of London and The Guardian revealed how Cambridge Analytica, a London, UK-based digital consultant and data analytics firm collected and sold personal data mined from millions of Facebook users without the knowledge and permission of the said users. Cambridge Analytica collected data of over 50 million Facebook users without their permission. It used this data to influence the 2016 US Presidential election as well as UK's decision to exit from the EU. This put Facebook under the scanner for data privacy violations and security of users. Following this Mark testified before the US Congress in April 2018 and apologized for the data leak.

Stock Performance Snapshot

May 23, 2018 - At Wednesday's closing bell, Facebook's stock rose 1.69%, ending the trading session at $186.90.

Volume traded for the day: 16.35 million shares.

Stock performance in the last month – up 17.04%; previous three-month period – up 4.42%; past twelve-month period – up 26.22%; and year-to-date - up 5.92%

After yesterday's close, Facebook's market cap was at $544.20 billion.

Price to Earnings (P/E) ratio was at 27.43.

The stock is part of the Technology sector, categorized under the Internet Information Providers industry. This sector was up 0.5% at the end of the session.

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