Facebook seems unfazed with the scrutiny, as the company plans to expand its porting tools for images and data. FB stock is slightly up.
Facebook Inc (NASDAQ: FB) announced this week that it is considering expanding the data types that users of the platform can directly port to other sites. This came ahead of a scheduled hearing by the Federal Trade Commission (FTC). The company sent the statement to the regulator before Facebook CEO Mark Zuckerberg appeared before the investigative committee of the FTC.
According to a release by the company, it stated that:
“We are committed to cooperating with the U.S. Federal Trade Commission’s inquiry and answering the questions the agency may have.”
Though the regulator did not release a statement regarding its session with Zuckerberg, it has been investigating the activities of the social media giant. The subject of its inquiry is to determine if Facebook has been engaged in monopolistic activities.
Meanwhile, Facebook stock is slightly (+0.015%) up today, trading at $269.05 which is practically the highest level the stock has managed to reach this week.
More Investigations Underway
The company is also facing scrutiny from the Justice Department and states attorney generals over previous business acquisitions and the way it runs its business. These are related to its social networking activities, digital advertisements, media services and its mobile and online applications.
The report by Politico stated that Facebook CEO was questioned by regulators with representatives of states investigating the company in attendance.
Facebook in July 2019 gave its acquiescence that it will pay a $5 billion fine for its privacy practices, this was in a separate resolution with FTC. The probe revealed a number of privacy issues even though the regulator came under criticism for not questioning Zuckerberg under oath. The commission’s chairman Joe Simon said it wasn’t necessary.
Scrutinizing Digital Giants
Facebook is one of the major digital companies facing intense scrutiny to determine if they engage in antitrust activities. The Justice Department maintained that these investigations will run their full course. Other big names such as Google may face antitrust lawsuits though there is no timeline specified yet.
Facebook seems unfazed with the scrutiny, as the company plans to expand its porting tools for images and data. In a recent statement, the company said:
“We remain committed to ensuring the current product remains stable and performant for people and we are also exploring how we might extend this tool, mindful of the need to preserve the privacy of our users and the integrity of our services.”
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Chuks is a blockchain enthusiast and finance researcher that has covered the crypto sphere for several years. He believes that the evolving technology would change how we do business.
