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☆ AI Tech Like ChaptGPT, Bing, Bard Is a Bigger Threat Than Social Media
▼ + stars: | 2023-03-14 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +13 min

Nowadays, the promise of social media as a unifying force for good has all but collapsed, and Zuckerberg is slashing thousands of jobs after his company's rocky pivot to the metaverse. Much like social media in 2012, the AI industry is standing on the precipice of immense change. And as Altman and his cohort charge ahead, AI could fundamentally reshape our economy and lives even more than social media. If social media helped expose the worst impulses of humanity on a mass scale, generative AI could be a turbocharger that accelerates the spread of our faults. Social media amplified society's issues, as Wooldridge puts it.

☆ 'It's clear that Mark Zuckerberg idolizes Elon Musk,' Wall Street analyst says
▼ + stars: | 2023-02-22 | by ( Asia Martin | ) www.businessinsider.com time to read: +4 min

Mark Zuckerberg said Meta is adding a verification subscription service to Facebook and Instagram. Meta Verified "sounds awfully like Twitter Blue," Bernstein analyst Mark Schilsky said in a note to clients this week. "I think it's clear that Mark Zuckerberg idolizes Elon Musk." Other analysts on Wall Street more optimistically believe that Meta Verified could add $2 billion per year in revenue, as Insider recently reported. Elon Musk and Mark Zuckerberg have been publicly criticizing each other for years — at least since a SpaceX rocket exploded on the launchpad in 2016, destroying a Facebook satellite.

☆ A federal judge accused Facebook of 'gaslighting' users impacted by data breaches and fined the site and its lawyers nearly $1 million
▼ + stars: | 2023-02-11 | by ( Katherine Tangalakis-Lippert | ) www.businessinsider.com time to read: +4 min

Facebook and its lawyers have been fined $925,078 as part of an ongoing class action lawsuit. A judge said in a ruling that Facebook spent years "trying to gaslight" the court about its conduct. "It's almost as if Facebook and Gibson Dunn spent the better part of three years trying to gaslight their opponents, not to mention the Court." "And hopefully, this ruling will create some incentive for Facebook and Gibson Dunn (and perhaps even others) to behave more honorably moving forward." Gibson Dunn lawyers listed in the suit and representatives for Facebook did not immediately respond to Insider's requests for comment.

☆ Facebook, Gibson Dunn sanction order is light on dollars, heavy on message
▼ + stars: | 2023-02-10 | by ( Alison Frankel | Thomson Reuters | Alison Frankel Has Covered High-Stakes Commercial Litigation As A Columnist For Reuters Since A Dartmouth College Graduate | ) www.reuters.com time to read: +7 min

CompaniesCompanies Law firms Meta Platforms Inc FollowFeb 10 (Reuters) - To Facebook parent Meta Platforms Inc (META.O) and its lawyers at Gibson, Dunn & Crutcher, $925,000 isn't a whole lot of money. Chhabria, as you've probably heard, ordered Facebook and its lawyers to pay that sum to plaintiffs' lawyers as recompense for their bad-faith litigation tactics. "Does anyone really think that Facebook was planning on taking this case to trial?" This is, by far, the most likely explanation for Facebook and Gibson Dunn’s conduct." Facebook and its lawyers fell into their roles with ease, and then they took things way too far.”Gibson Dunn and Meta both declined to provide a statement on Chhabria’s order.

Feb 9 (Reuters) - A U.S. judge on Thursday sanctioned Meta Platforms Inc (META.O) and its law firm, Gibson, Dunn & Crutcher for “delay, misdirection and frivolous arguments” in a data privacy lawsuit over the company’s sharing of user information with third-parties. Representatives for Gibson Dunn and Facebook did not immediately respond to requests for comment. Los Angeles-founded Gibson Dunn has represented the company in numerous matters. The court had ordered Facebook to turn over data it had collected on the plaintiffs in the case, regardless of whether it had been shared. The case is IN RE: Facebook, INC. Consumer Privacy User Profile Litigation, U.S. District Court for the Northern District of California, No.

Circuit Court of Appeals in San Francisco over the Cambridge Analytica scandal, where data for up to 87 million users was accessed. Investors claimed that Facebook, as the company was known, misled them in 2016 by describing data breaches as a mere "risk," when it knew that Cambridge had accessed user data. "It's not plausible that the company was trying to mislead the public about something the public already knew," he said. Facebook paid more than $5 billion in penalties to U.S. authorities over Cambridge Analytica. It agreed to pay $725 million to settle a lawsuit by Facebook users in December.

☆ Top lawmakers want answers from Meta on documents which show that 245,000 developers in 'high risk' countries like China may have been able to access user data pre-2014
▼ + stars: | 2023-02-08 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

Roughly 245,000 developers in "high risk" countries could have accessed Facebook users' data pre-2014, unsealed documents show. The Senate Intelligence Committee has sent a letter to Mark Zuckerberg asking for more details. Last December, Meta agreed to pay $725 million to settle the lawsuit, which accused it of sharing users' data with the political consulting firm. A Meta spokesperson told Insider: "These documents are an artifact from a different product at a different time. Many years ago, we made substantive changes to our platform, shutting down developers' access to key types of data on Facebook while reviewing and approving all apps that request access to sensitive information."

☆ US senators seek answers from Meta on whether user data was accessed by China, Russia and others
▼ + stars: | 2023-02-07 | by ( Brian Fung | ) edition.cnn.com time to read: +4 min

In a letter to Meta CEO Mark Zuckerberg on Monday, Sens. The findings are “especially remarkable given that Facebook has never been permitted to operate in [China],” they added. “These documents are an artifact from a different product at a different time,” said Meta spokesman Andy Stone. Hostile governments could seek to use Americans’ personal information to spread disinformation or identify intelligence targets, US officials have said. But the lawmakers’ letter highlights how worries about data access by foreign adversaries extends beyond TikTok and encompasses some of the largest social media platforms.

☆ Meta sues Voyager Labs, saying it created fake accounts to scrape user data
▼ + stars: | 2023-01-12 | by ( Jonathan Vanian | ) www.cnbc.com time to read: +3 min

Voyager Labs specializes in investigative software and services intended to help law enforcement and companies obtain information about suspects, among other uses. Meta alleged that Voyager Labs' software was powered by data that it improperly gathered from Facebook and Instagram in addition to other sites like Twitter, YouTube, Twitter, and Telegram. According to the filing in the District Court for the Northern District of California, Meta alleged that Voyager Labs created over 38,000 fake Facebook user accounts. CNBC reached out to Voyager Labs for comment. Meta's claims against Voyager Labs follows similar actions the social networking giant has taken against other companies it alleged to be scraping user data.

☆ Meta to Pay $725 Million to Settle Cambridge Analytica Lawsuit
▼ + stars: | 2022-12-23 | by ( Sam Schechner | ) www.wsj.com time to read: 1 min

Meta had agreed in principle to settle the case in August, but no financial details had been disclosed. Facebook parent Meta Platforms Inc. has agreed to pay $725 million to settle a lawsuit that accused the company of allowing Cambridge Analytica and other third parties to access private information about millions of users. The proposed settlement would fund payouts to U.S.-based users of Facebook, in what plaintiffs say could be the largest U.S. class-action privacy settlement ever, according to a court filing late Thursday.

☆ Facebook parent Meta agrees to pay $725 million to settle Cambridge Analytica suit
▼ + stars: | 2022-12-23 | by ( Arjun Kharpal | Arjun Kharpal Is A News Assistant For Cnbc In London. | ) www.nbcnews.com time to read: +3 min

Facebook parent Meta has agreed to pay $725 million to settle a class action lawsuit that claimed the social media giant gave third parties access to user data without their consent. The class action lawsuit was prompted in 2018 after Facebook disclosed that the information of 87 million users was improperly shared with Cambridge Analytica, a consultancy firm linked to former President Donald Trump’s 2016 election campaign. A scandal that prompted global outrageThe Cambridge Analytica scandal prompted global outrage and a flurry of regulators worldwide to scrutinize Facebook’s data practices. Cambridge Analytica, which shut down after the allegations in 2018, was controversial because the data it harvested from Facebook was used to inform political campaigns. Since the scandal, Facebook changed its name to Meta to reflect its growing ambitions to become a leader in the metaverse, a term used to refer to virtual worlds.

☆ Facebook parent Meta agrees to pay $725 million to settle privacy lawsuit
▼ + stars: | 2022-12-23 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +1 min

Facebook parent Meta has agreed to pay $725 million to settle a class action lawsuit that claimed the social media giant gave third parties access to user data without their consent. The class action lawsuit was prompted in 2018 after Facebook disclosed that the information of 87 million users was improperly shared with Cambridge Analytica, a consultancy firm linked to former President Donald Trump's 2016 election campaign. Plaintiffs alleged that Facebook "granted numerous third parties access to their Facebook content and information without their consent, and that Facebook failed to adequately monitor the third parties' access to, and use of, that information," according to the law firm behind the lawsuit. Judges overseeing the case in the Northern District of California will now have to approve the settlement. Over the last three years we revamped our approach to privacy and implemented a comprehensive privacy program," a Meta spokesperson told CNBC.

☆ Meta agrees to pay $725 million to settle lawsuit over Cambridge Analytica data leak
▼ + stars: | 2022-12-23 | by ( Clare Duffy | ) edition.cnn.com time to read: +3 min

New York CNN —Facebook parent company Meta has agreed to pay $725 million to settle a longstanding class action lawsuit accusing it of allowing Cambridge Analytica and other third parties to access private user information and misleading users about its privacy practices. The proposed settlement would end the legal battle that began four years ago, shortly after the company disclosed that the private information of as many as 87 million Facebook users was obtained by Cambridge Analytica, a data analytics firm that worked with the Trump campaign. The data leak sparked an intense international scandal for Facebook, drawing the scrutiny of regulators on both sides of the Atlantic. They estimated that between 250 and 280 million people may be eligible for payments as part of the class action settlement. But the improper sharing of Facebook data triggered a cascade of events that has culminated in investigations and lawsuits.

☆ Stocks making the biggest moves premarket: Tesla, Nutanix, Meta and more
▼ + stars: | 2022-12-23 | by ( Peter Schacknow | ) www.cnbc.com time to read: +2 min

Check out the companies making headlines before the bell:Tesla (TSLA) – Tesla CEO Elon Musk said he would refrain from selling any more Tesla stock for 18 to 24 months. Tesla gained 1.2% in the premarket. Nutanix (NTNX) – Nutanix tumbled 16.6% in the premarket following a report that Hewlett Packard Enterprise (HPE) has ended talks to acquire the cloud computing company. Meta Platforms (META) – Meta and users of its Facebook platform settled a privacy class action lawsuit, with Meta agreeing to pay $725 million. Oilfield services stocks – Halliburton (HAL) gained 1.4% in the premarket, with Schlumberger (SLB) up 1.3% and Baker Hughes (BKR) rising 1%.

☆ Meta will pay $725 million to settle a privacy lawsuit that accused Facebook of sharing users' data with consulting firm Cambridge Analytica
▼ + stars: | 2022-12-23 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +2 min

Meta has agreed to pay $725 million to settle the Cambridge Analytica privacy lawsuit. The suit was filed in 2018 and accused Facebook of illegally sharing user data with the firm. Meta agreed to settle in August and a month later, Mark Zuckerberg was called to a deposition. It came after Facebook revealed it had exposed the data of 87 million users to Cambridge Analytica. Meta agreed to settle the lawsuit in August and a month later Meta CEO Mark Zuckerberg was called to a six-hour deposition about Cambridge Analytica.

Companies Meta Platforms Inc FollowDec 23 (Reuters) - Facebook owner Meta Platforms Inc (META.O) has agreed to pay $725 million to resolve a class-action lawsuit accusing the social media giant of allowing third parties, including Cambridge Analytica, to access users' personal information. "Over the last three years we revamped our approach to privacy and implemented a comprehensive privacy program," Meta said. The users' lawyers alleged that Facebook misled them into thinking they could keep control over personal data, when in fact it let thousands of preferred outsiders gain access. Facebook argued its users have no legitimate privacy interest in information they shared with friends on social media. But U.S. District Judge Vince Chhabria called that view "so wrong" and in 2019 largely allowed the case to move forward.

Companies Meta Platforms Inc FollowDec 23 (Reuters) - Facebook owner Meta Platforms Inc (META.O) has agreed to pay $725 million to resolve a class-action lawsuit accusing the social media giant of allowing third parties, including Cambridge Analytica, to access users' personal information. "Over the last three years we revamped our approach to privacy and implemented a comprehensive privacy program," Meta said. The ensuing Cambridge Analytica scandal fueled government investigations into its privacy practices, lawsuits and a high-profile U.S. congressional hearing where Meta Chief Executive Mark Zuckerberg was grilled by lawmakers. The users' lawyers alleged that Facebook misled them into thinking they could keep control over personal data, when in fact it let thousands of preferred outsiders gain access. Facebook argued its users have no legitimate privacy interest in information they shared with friends on social media.

☆ Jim Cramer's top 10 things to watch in the market Friday: Inflation, natural gas plunge, Tesla
▼ + stars: | 2022-12-23 | by ( Jim Cramer | ) www.cnbc.com time to read: +4 min

Case in point: Natural gas prices plunge roughly 25% this week alone and even more for the month. Citi cuts price target on Paychex (PAYX) to $119 per share from $131. Wedbush cuts price target on Tesla (TSLA) to $175 per share from $250, though keeps its outperform (buy) rating. Loop Capital cut Paramount Global (PARA) to a sell from hold, slashing its price target to $14 per share from $30. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

☆ Read Mark Zuckerberg's deposition about Facebook user data, released years later thanks to a Freedom of Information Act request
▼ + stars: | 2022-12-22 | by ( Sindhu Sundar | ) www.businessinsider.com time to read: +5 min

Mark Zuckerberg told the SEC in 2019 he'd heard news of Cambridge Analytica and the 2016 US election. He was "curious" to understand the group's use of Facebook then, per a newly released deposition. The deposition with the SEC was released thanks to a Freedom of Information Act request. A newly released deposition of Zuckerberg's questioning in 2019 by the US Securities and Exchange Commission is another piece of the puzzle. In a House hearing in 2018, Representative Anna Eshoo, a Democratic Representative from California, asked Zuckerberg pointedly about Cambridge Analytica.

☆ Zuckerberg weighed naming Cambridge Analytica as a concern in 2017, months before data leak was revealed
▼ + stars: | 2022-12-20 | by ( Brian Fung | ) edition.cnn.com time to read: +7 min

The data leak prompted a global outcry that led to hearings, an apology tour from Zuckerberg and Facebook’s $5 billion privacy settlement with the US government. Zuckerberg’s remarks in the deposition offer the clearest picture yet of what Zuckerberg knew about Cambridge Analytica, and when. But according to the court documents, Zuckerberg had originally proposed naming Russian foreign intelligence and Cambridge Analytica in the same breath. Zuckerberg testified that the reference to Cambridge Analytica was removed after a staffer recommended against naming specific organizations. But the improper sharing of Facebook data triggered a cascade of events that has culminated in numerous investigations and lawsuits.

OAKLAND, Calif., Dec 19 (Reuters) - Mark Zuckerberg considered saying in a 2017 speech that Facebook was looking into "organizations like Cambridge Analytica," according to details from a deposition of him by the U.S. Securities and Exchange Commission. Zuckerberg in the deposition also acknowledges asking colleagues in January 2017 to assess Cambridge's claims about its influence in elections. Media reports in March 2018 suggested that Cambridge kept leveraging Facebook data, prompting government investigations related to data protection practices that Facebook settled in the United States for at least $5.1 billion. In the draft obtained by the SEC, Zuckerberg proposed saying: "We are already looking into foreign actors including Russian intelligence, actors in other former Soviet states and organizations like Cambridge Analytica." Zamaan Qureshi, policy advisor for consumer advocacy group The Real Facebook Oversight Board, said the deposition should increase users' doubts of Meta.

☆ GOP megadonor Mercer family has no plans to boost Trump's 2024 campaign as former president loses more allies
▼ + stars: | 2022-11-18 | by ( Brian Schwartz | ) www.cnbc.com time to read: +5 min

Robert Mercer and Rebekah Mercer attend the 2017 TIME 100 Gala at Jazz at Lincoln Center on April 25, 2017 in New York City. Rebekah Mercer gave nothing to any pro-Trump group or Trump campaign entity during his last run for president, according to the filings. The 2016 Trump campaign then reportedly used that data to conduct some digital advertising. The Trump campaign paid Cambridge Analytica over $5.9 million for its services during the 2016 election cycle, according to the nonpartisan OpenSecrets. The pro-Trump super PAC funded in part by Robert Mercer also paid Cambridge Analytica just over $5.6 million that cycle, OpenSecrets says.

But none of that explains why political campaigns have been turning away from Facebook. Political ads have always been a small part of Facebook's overall business. The pandemic accelerated that trend since so many consumers turned to streaming platforms while stuck at home, and content for cord-cutters proliferated. Ad tracking firm AdImpact projected that of the $9.7 billion spent on political ads this cycle, $1.4 billion would go to connected TVs. Apple's crackdown has indeed diminished Facebook's position in political advertising.

☆ Tech leaders dish on how asinine it is to try to describe their companies, products, and worth to Congress
▼ + stars: | 2022-09-21 | by ( Hanna Kang | Kayla Gallagher | ) www.businessinsider.com time to read: +24 min

Tech companies are worried an aging Congress can't meet or even understand their demands. Younger members of Congress are beginning to take the lead in conversations on tech issues. Hawley said younger members are generally more critical of big tech. However, he added, new technologies are more widely used by younger people, and users tend to understand technology better. Meanwhile, major tech companies continue to ramp up their federal lobbying spending, together spending more in 2021 than in any other year in history.

☆ Meta shares plunged 14% this week, falling close to their pandemic low
▼ + stars: | 2022-09-16 | by ( Jonathan Vanian | ) www.cnbc.com time to read: +1 min

After plunging 14% for the week to close at $146.29, shares of Facebook parent Meta are at their lowest point since March 2020, and for a period on Friday, they had sunk even lower. That's when Facebook was dealing with the aftermath of the Cambridge Analytica Scandal that tested consumer confidence in the social media company and led to a series of heated congressional hearings. Still, Facebook managed to expand its active users in the U.S. that quarter, though by just under 1 percent. Since officially changing its name to Meta last October, the news for CEO Mark Zuckerberg and company has been almost all bad. In July, Meta said it was expecting a second straight period of declining sales as it reported second-quarter earnings that missed on the top and bottom lines.

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