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The FTC has hit Facebook with a $5 billion fine over privacy issues.
Later the same day, Facebook announced its Q2 earnings, and CEO Mark Zuckerberg took the opportunity to discuss regulation.
Analysts - Earnings - Call - Tech - Backlash
He told the analysts on its earnings call that he's worried that if tech doesn't get more regulated, backlash against the industry is going to continue to grow.
Earlier in the day, Zuckerberg told Facebook employees that the company was committed to change.
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Facebook CEO Mark Zuckerberg says he's worried that if the technology industry doesn't get more closely regulated, backlash against Big Tech is going to keep getting bigger.
Wednesday - FTC - Settlement - Facebook - Charges
On Wednesday, the FTC formally announced it had reached a $5 billion settlement with Facebook over charges that it misled its users on privacy issues — a fine that was record-breaking in size but was not accompanied by more fundamental changes in Facebook's business model, prompting some critics to accuse the US regulator of going easy on the company.
Hours later, Facebook disclosed its financial results for the second quarter of 2019, and in a subsequent call with analysts Zuckerberg talked about how the company is viewing the regulatory landscape and next steps for the company.
Comments - Insight - Facebook - Position - Champion
His comments provide valuable insight into how Facebook is trying to position itself as a champion of moderate regulation, and the areas that it is hoping to invite regulatory and legislative scrutiny.
In his opening remarks, Zuckerberg sought to stress that — contrary to the FTC's detractors — the settlement will purportedly involve significant changes to how Facebook operates.
Changes - Services - Company - Zuckerberg - Analyst
"We're making some major changes to how we build our services and run this company," Zuckerberg said on the analyst call. "This will require investing a significant amount of our engineering resources in building tools to review our products and the ways we use data. It...
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