The Senate Judiciary Committee’s chairman, Republican Senator Chuck Grassley requested a hearing on April 10,
Regarding “Social Media and Users Data Privacy”, Committee wants to add new rules in the book for these Tech Companies.Earlier This Month it was discovered that Facebook sold 50 million users data to Cambridge Analytica which helped out Donald Trump to win the United States Presidential Elections
After this incident, People Started to wake up and they realized that their use of social media and other internet services could lead to a monopoly, And be used to put people at powerful positions like Donald Trump
Committee’s chairman, Republican Senator Chuck Grassley ordered a hearing for the tech companies like Facebook, Google, Twitter, Committee would like to discuss how these companies are handling their millions of users data and are they benefiting from users private data. This hearing could result in exposing other techs giants manipulation of users private data. Even if these other Tech giants were not connected to the recent data privacy Scandal, The panel wants to investigate all of these companies of Silicon Valey.
Mark Zuckerberg’s Spokesman revealed Mark’s willingness to come to the hearing but he also said: “that Facebook is still thinking about the request”.Meanwhile One of the Spokeswoman declined to comment regarding this matter. Google didn’t Respond for a long period of time but afterward, Google responded to the Request
Facebook and Mark Zuckerberg are going through a hard period of time, facing a lot of crises. Facebook’s Shares price dropped by a high percentage, Company Lost 50 billion$ in Market Cap, Investors are getting scared, Mark Zuckerberg lost 10 billion$ because of this Scandal but he saved millions of dollars selling some of his shares at the right time. As Facebook’s Stock prices continue to decrease, Mark Zuckerberg’s wealth continues to downfall Still, Mark resides in Top Ten World’s Richest Man List, Because of Facebook’s Share price Continuing to decrease, Today Mark Zuckerberg lost 2.1 billion$, His current net worth is 62.1 billion$, It is expected he will lose 5billion$ more because of this single Scandal
The hearing, Stock Price decreasing, Reputation at Stake, Net worth continues to downfall, these are not the least of Billionaire Mark Zuckerberg’s problems, Very recently A Powerful US Federal Agency, The Federal Trade Commission (FTC) said that it would look into the recent Data Privacy Scandal regarding Facebook and Cambridge Analytica.Tom Pahl, the acting director of the agency’s Bureau of Consumer Protection said: “The FTC is fully committed to using all of its Strenght and Power to protect the privacy of Consumers”. Recently in Press, FTC is concerned about the steps which were taken in Facebook regarding users data.
Law Makers wants to question Facebook and its fellow Tech Giants, How they are managing the data of consumers, FTC is holding an investigation into these matters. The Panel is questioning all of tech companies Lawyers and requesting a hearing on April 10.