Electron Native

Facebook is still in the eye of the storm. As a result of dissemination of fake news on its platform. UK lawmakers are accusing the Tech giant of intentionally breaching data privacy and competition law with other big tech companies. Now the British lawmakers are seeking a new regulator to protect democracy and citizens’ rights. The recent damning report singled out Facebook CEO Mark Zuckerberg for what has been described as a failure of leadership and personal responsibility, the British Parliament’s Digital, Culture, Media and Sport Committee said tech firms had proved ineffective in stopping harmful content on their platforms. This included disinformation, attempts by foreign countries to influence elections, and risks to personal data. “We need a radical shift in the balance of power between the platforms and the people,” Committee Chairman, Damian Collins, said. Collins said the age of inadequate self-regulation must end, following an 18-month investigation that conc...

Facebook Inc Chief Executive Officer, Mark Zuckerberg, sold nearly 500 million dollars in the company’s shares in February to fund his philanthropic investment vehicle, the Chan Zuckerberg Initiative (CZI), regulatory filings showed. The move is not a surprise, being part of Zuckerberg’s plan to expedite stock sales to fund the initiative he set up in December 2015 with his wife Priscilla Chan. Two security filings on Thursday showed that Zuckerberg sold 685,000 shares worth 125.4 million dollars in the last three days of February. This had taken his total sales in the month to about 2.7 million shares worth 482.2 million dollars. Zuckerberg said in September he would sell 35 million to 75 million shares of Facebook over the next 18 months. That would amount to up to 13 billion dollars, based on Facebook’s current share price. The Silicon Valley billionaire has said he will donate 99 per cent of his Facebook shares to CZI – worth about 45 billion dollars when the init...