'The fact is that even a multibillion-dollar fine won’t dissuade Facebook from pursuing its quest to monetize the private information of its unwitting or uncaring users.' Columnist hiltzikm on Facebook's $5-billion fine:
Judging from the proxy statement issued by Facebook last week in advance of its May 30 annual meeting, the company’s shareholders are starting to get fed up with its leadership by co-founder, Chairman and Chief Executive Mark Zuckerberg.
Libra got fairly well raked over the coals in congressional hearings on Tuesday and Wednesday. The lawmakers raised the most obvious point, which was why anyone should trust Facebook’s promise that the privacy of Libra account holders would be safeguarded from breaches by, well, Facebook. “Like a toddler who has gotten his hands on a book of matches, Facebook has burned down the house over and over, and called every arson a learning experience,” Sen.
Libra, however, is a speculative venture from which Facebook hopes to make money if it can sneak the idea past domestic and international currency regulators. What’s more at stake in the proceedings before the FTC and in the calls for high-tech breakups are the existing businesses from which it earned more than $22 billion in profit last year.
In his prepared remarks for a July 16 House Judiciary Committee hearing on the market power of tech’s biggest players, Facebook, Google, Amazon and Apple, Facebook spokesman Matt Perault cited his company’s growth from “a dorm room idea to a vibrant and successful American company that now employs almost 40,000 people around the world.” He observed that “Facebook is able to provide nearly all of its consumer services free of charge because we sell advertising.
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