When Facebook’s popularity took a beating from the recent data breach allegations, some of the fiercest criticisms came from the who’s who of the corporate world. It might be the political ramifications of the firm’s alleged misdoings that invited flak even from business honchos. So, it has become imperative for Mark Zuckerberg, who heads the social media giant, to defend the charges with all his might and come clean.
Zuckerberg’s priorities would be to cleanse the FB platform, which is claimed to have been misused for propagating false information during the presidential poll and to clear the air by responding to those who have cast doubt on his integrity.
Maybe, the recent developments also served as a reminder for those at the helm of affairs at Facebook on how influential the company has become; of course at the cost of losing more than $100 billion in market value.
Zuckerberg appears to be particularly upset by Apple (AAPL) CEO Tim Cook’s remark that ‘it is too late for Facebook to regulate itself.’ In a scathing reply, Zuckerberg has termed Cook’s key statement on the data breach issue as ridiculous and devoid of truth.
Calling for stringent laws to prohibit social media sites from accessing critical user information, Cook had flayed Facebook for mishandling user data and for its involvement in the Cambridge Analytica case. Comparing their business models, Cook said his company would not ‘sell customers to advertisers; rather it would sell products to users. ‘
The recent developments are indicate of Facebook’s growing influence in the affairs of both governments and the people
Speaking to a media firm, Zuckerberg defended Facebook’s ad-driven revenue generation model saying it is the only feasible model when businesses offer services that link and involve a large number people who are not willing to pay.
In what seems to be a change in the company’s strategy, the man who leads the social networking behemoth said henceforth all corporate decisions would be based on the interests of the community, with much less focus on the advertising side of the business.
Earlier, Facebook had charted out a multipronged strategy to keep a tab on counterfeit accounts, fake news, deceptive advertisements and the interference of overseas entities in elections.
However, if the management is serious about their plans, what awaits them is the challenge of a massive structural overhaul of the platform without compromising on the revenue, most of which according to experts comes from click-bait and shady information disseminated on the site.