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Facebook, Inc. (FB)

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370.38-3.54 (-0.95%)
As of 12:58PM EDT. Market open.
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  • K
    Kevin

    Senators call for Facebook investigation after report it knew Instagram could be 'toxic' for younger users

    Republican and Democratic senators announced they will launch an investigation into Facebook after a report the social media giant knew its platforms could be “toxic” for some young users.

    According to internal data and presentations reviewed by the Wall Street Journal, Facebook found that Instagram, which it owns, can have adverse mental health effects on young users. One presentation stated that “We make body image issues worse for one in three teen girls."

    "Thirty-two percent of teen girls said that when they felt bad about their bodies, Instagram made them feel worse," another internal Facebook document reviewed by the Wall Street Journal said. "Comparisons on Instagram can change how young women view and describe themselves."

    One presentation said that among teenage users who reported experiencing suicidal thoughts, 13% of British teenagers and 6% of American teenagers traced those thoughts to Instagram.
    Sens. Richard Blumenthal and Marsha Blackburn announced Tuesday evening they would launch an investigation into Facebook’s knowledge of the data.

    “It is clear that Facebook is incapable of holding itself accountable,” the senators said in a joint statement.
    Blumenthal, chairman of the Senate Commerce, Science, and Transportation Subcommittee on Consumer Protection, Product Safety, and Data Security, and Blackburn, its ranking member, said the report “reveals Facebook’s leadership to be focused on a growth-at-all-costs mindset that valued profits over the health and lives of children and teens.”

    “When given the opportunity to come clean to us about their knowledge of Instagram’s impact on young users, Facebook provided evasive answers that were misleading and covered up clear evidence of significant harm,” they said.

    In August, Blackburn and Blumenthal wrote a letter to Facebook CEO Mark Zuckerberg requesting the company release its internal research on its platforms' impact on the mental health of young users.
    The senators said they are “in touch with a Facebook whistleblower and will use every resource at our disposal to investigate what Facebook knew and when they knew it — including seeking further documents and pursuing witness testimony.” The report "may only be the tip of the iceberg,” they added.

    Facebook said in July that it would move forward with plans to build an Instagram for children despite pushback from parents and lawmakers.

    On Twitter, Blumenthal criticized those plans, writing: "Even though Facebook knows its platforms are doing lasting harm, they are racing at warp speed to push Instagram onto even younger kids," adding to that the subcommittee will oppose the "reckless ploy."
  • M
    Mr
    Everyone knows FB will soar next month after the September games. No brainer

    ALSO, DOCN (Digital Ocean) continues it’s rise. 😎
  • E
    Eric
    Facebook Reportedly Allowed Powerful Users To Break Platform Rules

    Facebook has exempted nearly 6 million of its most high-profile users from facing consequences for breaking platform rules through a systematic and secret tiering system that an internal review described as “a breach of trust,” internal documents obtained by the Wall Street Journal purport to show.

    Facebook initially created the system known as “XCheck” or “cross check” to help the platform moderate actions taken against the platform’s most popular users, like politicians and celebrities, according to the newspaper.

    The system has allowed powerful users to break Facebook’s terms of service with few consequences, with some users deemed “whitelisted” being exempt from policy enforcement while other popular users’ posts are allowed to stay up pending further review, even if it breaks Facebook’s own rules.

    Brazilian soccer player Neymar was protected from sanctions by the system in 2019 after posting nude photographs of a woman who had accused him of rape, a charge he denied, which were permitted to say up for more than a day despite breaking platform rules about posting “nonconsensual intimate imagery,” according to the Wall Street Journal.

    The documents show “whitelisted” users have also shared disinformation and conspiracy theories about vaccine safety, Hillary Clinton’s alleged role in a pedophile sex trafficking ring and other outlandish claims that Facebook’s own fact checkers deemed false.

    A 2019 internal review of the system described Facebook’s practices as “a breach of trust” and “not publicly defensible,” according to documents marked attorney-client privileged and obtained by the Wall Street Journal.

    According to the newspaper, Facebook has minimized the size of the system and the role it plays in moderation: the platform told its oversight board in June the XCheck system is utilized in “a small number of decisions.”

    CRUCIAL QUOTE

    “We are not actually doing what we say we do publicly,” a 2019 confidential review obtained by the Wall Street Journal read. “Unlike the rest of our community, these people can violate our standards without any consequences.”

    BIG NUMBER

    5.8 million. That’s how many users the XCheck system covered last year, according to the documents seen by the Wall Street Journal. Facebook has more than 3 billion users.

    WHAT TO WATCH FOR

    The report detailing information about Facebook’s X Check system is the first in a series based on internal documents that will show the platform “knows, in acute detail, that its platforms are riddled with flaws that cause harm, often in ways only the company fully understands,” according to the Wall Street Journal.
  • Z
    Zee
    Palantir Technologies Inc.
    Congrats to anyone getting in now, we are still early. This is going to be a future fortune 500 company. Like getting into $FB or $AMZN in the early stage. Long $PLTR since $12, still buying, I know what I hold, not selling a single share.
  • b
    baquiran
    If you’re a day trader, you should definitely check out (http://Thetraderguide.com). They send a watchlist covering the top pre-market movers every day before the open. It’s a great way to pick out potential trades for the day.
  • B
    Bob L.
    This Instagram problem is not going away....I would not buy or add shares until there is a clear picture as to what the regulators will do to FB.
  • G
    GERRY
    So am I suppose to believe it is the responsibility of FB to guide and maintain the mental health and stability of teen girls. I don't understand why and how society could logically blame an inanimate object for the deterioration of a persons mental state. Where are the parents, schools, doctors and school advisers who are tasked with the well being of all kids.
    FB and Instagram is a way to communicate with others no different from a telephone or a written letter. If the person(s) communicating with each other do each other harm they are the cause of the harm their words and interactions are the harm not the delivery system. FB can monitor and edit bullying/ abuse and everything else but the responsibility ultimately falls on the user. One thing I notice about "modern" society is we are always looking for someone else to blame. I'm not saying FB shouldn't help and do all they can to mitigate this problem but they certainly are not the cause of it.
  • t
    tavel
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  • A
    Anand
    What’s new stuff FB is coming out with? Trying to find out. Anyone know anything?
  • S
    Sandro
    Great buying opportunities as FB is a cash cow. Remove the noise and focus on the $
  • s
    stockpolitic
    The "Instagram Problem" is absolutely going away...........every time FB gets hit for this problem and that problem......it always bounces back, always alway always.......and it goes higher then ever. Just keep buying FB, this stock will be up 5 to 10X in the next 10 years, period !
  • S
    Sebastian
    Like every single time something like this happens, the market over reacts. In other words, another good entry point. FB earnings will continue to grow and the stock price will follow earnings.
    Again, every reaction is an overreaction in the market.
  • B
    B
    miss him now?
  • S
    Sandro
    News as an opportunity to drive the price down to create opportunities for the big boys to get in
  • J
    James
    " It is clear that Facebook is incapable of holding itself accountable,” the senators said. “The Wall Street Journal’s reporting reveals Facebook’s leadership to be focused on a growth-at-all-costs mindset that valued profits over the health and lives of children and teens.”
  • k
    klebanov
    I couldn’t be happier with the daily emails I get from (http://Pick-stocks.com). They give me the best daily advice based on stock market news and help me make wiser decisions when it comes to investing. An absolute must for any investor!
  • s
    startrek
    We have seen this movie before. Buy before takeoff to $500
  • P
    Peter
    FB is currently trading at a very attractive discounted price!🤔👌☝️
    *** It presents a great opportunity to add at this level given yesterday’s price upgrade , with a price target of $440! 🎯📈
  • M
    Matt
    Post a video about having adverse reactions to any of the CVD v@cc1nes and see how long it takes facebook to remove it. You think FB is in the business of finding truth? They are in the business of creating misinformation so everyone yells at each other all day long on their platform. Division is good for social media business, and facebook has an excellent business model
  • A
    Andrew
    I may not agree with the political ideology that FB holds but this is a really good stock. It's only going to go up fellas !