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Facebook Shares Dip Following Leaked Documents and Whistleblower Testimony

Photo by Jason Briscoe via Unsplash

Facebook Shares Dip Following Leaked Documents and Whistleblower Testimony

By Movieguide® Staff

After Facebook whistleblower Frances Haugen released several internal documents and the publication of “The Facebook Papers,” Facebook faced scrutiny from its users and the media.

The series of articles published by 17 U.S. news outlets highlighted its potentially harmful business strategy that “has shown it chooses profit over safety.”

As a result, the company shares were in the negative according to CNBC.

Haugen, who appeared before Congress to call for total transparency from her former employer, said she still believes in Facebook as an idea.

Movieguide® previously reported:

Although Facebook has introduced video and online ads that support the change of privacy laws and Section 230, Haugen said that they are disingenuous and that they will “not get to the core of the issue.”

“We can afford nothing less than full transparency,” she added. “As long as Facebook is operating in the shadows, hiding its research from public scrutiny, it is unaccountable. Until the incentives change, Facebook will not change. Left alone, Facebook will continue to make choices that go against the common good, our common good.”

“They cannot protect us from the harms that they know are in their own systems,” she continued.

“I believe in the potential of Facebook,” Haugen said. “We can have social media we enjoy, that connects us, without tearing apart our democracy, putting our children in danger, and sewing ethnic violence around the world. We can do better.”

However, Facebook said that the reporting and Haugen’s testimony operate under a false “premise.”

“At the heart of these stories is a premise which is false,” a Facebook spokesperson said in a recent statement. “Yes, we’re a business and we make profit, but the idea that we do so at the expense of people’s safety or wellbeing misunderstands where our own commercial interests lie. The truth is we’ve invested $13 billion and have over 40,000 people to do one job: keep people safe on Facebook.”

The documents and subsequent articles addressed themes such as teens’ mental health, political division, and content moderation flaws, to name a few.

Read Also: Alarming New Facebook Report Shows Just How Far They’ll Go to Censor ‘Misinformation’

Read Also: Facebook Took ‘No Action’ Against Drug Cartels, Human Traffickers Who Used Platform to Recruit