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Home / Business

Facebook boss has emerged billions richer after two days of questioning

By Dustin Volz, David Ingram
AAP·
12 Apr, 2018 12:00 AM3 mins to read

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Facebook CEO Mark Zuckerberg is undergoing a two-day congressional inquisition that will be very public — and possibly pivotal for the massive social networking company he created.

Facebook chief executive Mark Zuckerberg has fielded 10 hours of questions over two days from nearly 100 US lawmakers and emerged largely unscathed and considerably richer.

He parried questions of how much control people have over their data on the world's largest social media network without a major gaffe, while avoiding being cornered into supporting new government regulation.

The hearings that ended today revealed no consensus among US lawmakers about what kind of privacy legislation they might want to pursue, if any, and no timeline for action.

As he did yesterday before a Senate hearing, Zuckerberg refused during a House of Representatives committee hearing to make any promises to support new legislation or change how the social network does business.

"It is inevitable that there will need to be some regulation" of internet firms, Zuckerberg said, but he avoided any specifics.

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Although Zuckerberg, 33, had never testified at a congressional hearing before, he succeeded in deflecting questions like a Washington veteran.

Forty times the internet mogul told lawmakers he had no answers at hand and would get back to them later.

About one in three lawmakers got that response over the two days.

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Democratic Representative Debbie Dingell expressed frustration with Zuckerberg's frequent promises to get back to lawmakers later in writing.

"Some things are striking during this conversation," she said. "As CEO, you didn't know some key facts."

On one point, Zuckerberg undercut his consistent message that Facebook users have control of their data.

He said he was among the nearly 87 million people whose personal information was improperly shared with political consultancy Cambridge Analytica.

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He gave no further details.

Almost feel bad for Zuckerberg. There’s no way he left that room full of old people without having to set up their wifi.

— Stephen Colbert (@StephenAtHome) April 11, 2018

Those clueless lawmakers pried some pretty big news out of Zuckerberg today. https://t.co/Nk9cTW2qYn

— Nick Confessore (@nickconfessore) April 12, 2018

His admission that even the company's tech-savvy founder was unable to protect his own data underscored the problem Facebook has in persuading sceptical lawmakers that users can easily safeguard their own information and that further legislation governing Facebook is unnecessary.

The Cambridge Analytica issue was the reason Zuckerberg was on Capitol Hill, answering questions about how that company - which has counted US President Donald Trump's election campaign among its clients - got hold of data about Facebook users.

Zuckerberg said it would take "many months" to complete an audit of other apps that might also have improperly gathered or shared users' data.

"I do imagine that we will find some apps that were either doing something suspicious or misusing people's data," he said.

Rep. Kathy Castor (@USRepKCastor) went IN on Mark Zuckerberg so hard today during the Facebook hearings she had the CEO tongue tied pic.twitter.com/gsrfWR8OhU

— The Daily Beast (@thedailybeast) April 11, 2018

Wearing a dark suit and tie and politely prefacing almost every remark with "Congressman" or "Congresswoman," Zuckerberg appeared even more controlled than he did yesterday when he testified before senators.

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He refrained from cracking jokes and flashed few smiles.

The performance had favourable results. Facebook shares closed up 0.78 per cent after rising 4.5 per cent yesterday.

Over the two days, the value of Zuckerberg's stake in the company grew by about US$3 billion ($4b).

- Reuters, AAP

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