A look at how Facebook shrugs off its scandals | #socialmedia | #education | #technology | #infosec

Facebook has paid record-setting fines to the Federal Trade Commission over the past two years, suspended Donald Trump’s accounts and had a whistleblower testify to Congress of its negative impacts on the U.S. But the company and other social media outlets continue to grow faster than expected.

Nothing seems to faze Facebook. The Menlo Park-based company changed its corporate name to Meta on Thursday, Oct. 28, just days after a series of stories surrounding the Facebook Papers. The papers — more than 10,000 pages of redacted internal documents obtained by several news organizations including The Associated Press — shed light on the company’s approach to misinformation and hate speech moderation.

On Monday, Oct. 25, Facebook whistleblower Frances Haugen gave testimony to U.K. lawmakers about how the company has dedicated little resources to stop the spread of false information on several topics such as the 2020 presidential election and the COVID-19 vaccines.

The social media giant is not new to scandal. It paid a record-setting $5 billion fine in 2019 to the FTC over allegations it deceived users about their ability to control the privacy of their personal information.

Facebook said its net income grew 17% in the July-September period to $9.19 billion, buoyed by strong advertising revenue. That’s up from $7.85 billion a year earlier. Revenue grew 35% to $29.01 billion. The results exceeded analyst expectations.

Facebook regulation

On Monday, Oct. 25, after Haugen testified in London, Facebook said, “While we have rules against harmful content and publish regular transparency reports, we agree we need regulation for the whole industry so that businesses like ours aren’t making these decisions on our own.”

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