Latest Social media industry News

Dems pan 'Zuck buck,' want Facebook to rein in currency plan

Jul. 17, 2019 5:06 PM EDT

WASHINGTON (AP) — Facebook endured a second day of criticism from Congress over its plan to create a digital currency as senior House Democrats asked Facebook to scale back the project and threatened legislation that would block big tech companies from getting into banking. Facebook's massive market power...

Facebook's currency plan gets hostile reception in Congress

Jul. 16, 2019 6:12 PM EDT

WASHINGTON (AP) — Under sharp criticism from senators, a Facebook executive on Tuesday defended the social network's ambitious plan to create a digital currency and pledged to work with regulators to achieve a system that protects the privacy of users' data. "We know we need to take the time to get this...

The Latest: Facebook denies that it's a monopoly

Jul. 16, 2019 5:36 PM EDT

WASHINGTON (AP) — The Latest on congressional hearings on the reach of big tech (all times local): 4:50 p.m. Rep. Joe Neguse, a Democrat from Colorado, sought to pin down Facebook on the subject of "monopoly" during a hearing on the power of Big Tech. Facebook argues it is not a monopoly because it has...

Treasury chief: Facebook currency plan ripe for illicit use

Jul. 15, 2019 6:24 PM EDT

WASHINGTON (AP) — The Trump administration came out strongly Monday against Facebook's ambitious plan to create a new digital currency, as the Treasury chief warned it could be used for illicit activity such as money laundering, human trafficking and financing terrorism. Treasury Secretary Steven Mnuchin...

California lawmakers consider new rules for political ads

Jul. 13, 2019 12:25 PM EDT

SACRAMENTO, Calif. (AP) — Elections come and go, but the season for political advertising sometimes seems to never end. Facebook users in California, for example, may have noticed ads in recent months showing a woman with duct tape over her mouth and text that warns: "Legislators are leaving sexual assault...

Reports: Facebook faces $5B FTC fine, largest ever in tech

Jul. 13, 2019 7:33 AM EDT

At $5 billion, the fine the FTC is about to levy on Facebook is by far the largest it's given to a technology company, easily eclipsing the second largest, $22 million for Google in 2012. The long-expected punishment, which Facebook is well prepared for, is unlikely to make a dent in the social media giant's deep...

FTC approves record $5B fine for Facebook

Jul. 13, 2019 1:24 AM EDT

At $5 billion, the fine the U.S. Federal Trade Commission is about to levy on Facebook is by far the largest it's given to a technology company, easily eclipsing the second largest, $22 million for Google in 2012. The long-expected punishment, which Facebook is well prepared for, is unlikely to make a dent in the...

Trump applauds far-right social media provocateurs

Jul. 11, 2019 8:35 PM EDT

WASHINGTON (AP) — President Donald Trump used a White House conference Thursday to applaud far-right social media provocateurs even as he conceded that some of them are extreme in their views. Trump, who has weaponized social media to eviscerate opponents and promote himself, led a "social media summit" of...

The Latest: Trump says big tech can't be allowed to censor

Jul. 11, 2019 4:59 PM EDT

WASHINGTON (AP) — The Latest on President Donald Trump's conference on social media (all times local): 4:50 p.m. President Donald Trump says big tech companies must not be allowed to censor the voices of the American people on social media. Trump is speaking at a White House conference highlighting the...

APNewsBreak: Data scientist drops Facebook defamation suit

Jul. 2, 2019 5:29 PM EDT

Aleksandr Kogan, the data scientist at the center of Facebook's Cambridge Analytica privacy scandal, said he is dropping a defamation lawsuit against the social network rather than engage in an expensive, drawn-out legal battle. Kogan, 33, sued the social giant in March, claiming it scapegoated him to deflect...