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Technology Zuckerberg Hearing May Be the Start of Next Phase of Tech Battle

18:45  18 october  2019
18:45  18 october  2019 Source:   bloomberg.com

Mark Zuckerberg to meet with lawmakers in Washington

Mark Zuckerberg to meet with lawmakers in Washington The trip marks Zuckerberg's first visit to Capitol Hill since his highly publicized testimony at congressional hearings last year.

A House hearing scheduled for Wednesday with Mark Zuckerberg as the sole witness will kick off the “ next phase ” in the battle between big tech companies “The drum-roll has started ” for the Financial Services committee hearing , with Zuckerberg set to defend the Libra cryptocurrency effort, which still

Freedom of expression and censorship-resistance may be sacrosanct for cryptocurrency advocates. But Zuckerberg did not link his free-speech concerns to his company’s Libra cryptocurrency project, nor did he stake out an Zuckerberg Hearing May Be the Start of Next Phase of Tech Battle .

(Bloomberg) -- A House hearing scheduled for Wednesday with Mark Zuckerberg as the sole witness will kick off the “next phase” in the battle between big tech companies and the U.S. government, according to Wedbush.

Mark Zuckerberg, Joel Kaplan posing for the camera: Mark Zuckerberg, center, walks through the Russell Senate Office building in Washington on Sept. 19.© Bloomberg Mark Zuckerberg, center, walks through the Russell Senate Office building in Washington on Sept. 19.

“The drum-roll has started” for the Financial Services committee hearing, with Zuckerberg set to defend the Libra cryptocurrency effort, which still faces a “massive regulatory spotlight,” analyst Daniel Ives wrote in a note. The hearing is titled “An Examination of Facebook and Its Impact on the Financial Services and Housing Sectors.”

Facebook CEO Mark Zuckerberg heads to Washington

Facebook CEO Mark Zuckerberg heads to Washington SAN FRANCISCO (AP) — Facebook CEO Mark Zuckerberg will be in Washington Thursday to meet with lawmakers and talk about internet regulation. The company said the meetings are not public and it did not give details on whom Zuckerberg is meeting with and what, exactly, he'll discuss. Facebook is under growing pressure from lawmakers and regulators concerned about how it protects users' privacy and about its potentially anticompetitive behavior. In July, the Federal Trade Commission fined the company a record $5 billion for privacy violations.

To spectators, Mark Zuckerberg 's appearance before Congress marked a crisis at Facebook. To tech 's elite, it was a demonstration of In fact, given the pedantic questions brought to Zuckerberg at the hearings , tech ’s entrepreneurs might be the only group that can successfully chart the future of tech .

Congress may be done with ambitious legislating until after November, but lawmakers of both parties had no shortage of suggestions about how Washington can But the House appeared to show more flashes of tech savvy. Among the most compelling exchanges was one between Zuckerberg and Rep.

“We fully expect politicians to use this forum as another major shot across the bow on broader antitrust concerns for FAANG names,” Ives said. He sees a regulatory and legal focus on Facebook’s WhatsApp and Instagram acquisitions, with “the convergence of Facebook’s messaging platforms likely a hot button issue.”

Ives described Facebook’s Libra as a bid to “further penetrate its customer base with a financial currency that enables the company to become more entrenched in the purchasing cycle of its 2 billion-plus users.”

Other tech companies are making similar efforts, he said, flagging Apple Inc.’s Apple Card with Goldman Sachs Group Inc. and an “enhanced” Apple Pay tool. On Tuesday, Goldman CEO David Solomon said the Apple credit card was the most successful card launch ever.

Zuckerberg says he's ready for a legal fight if Warren becomes president

  Zuckerberg says he's ready for a legal fight if Warren becomes president The Facebook CEO delivers fighting words in leaked audio of internal meetings.That's just one tidbit from audio of internal Facebook meetings obtained by The Verge and published on Tuesday. During two meetings, which reportedly took place in July, Zuckerberg also talked with employees about the company's Libra cryptocurrency, protecting content moderators and the rise of TikTok.

Mark Elliot Zuckerberg (/ˈzʌkərbɜːrɡ/; born May 14, 1984) is an American technology entrepreneur and philanthropist. Zuckerberg is known for co-founding and leading Facebook as its chairman and

TechCrunch - Reporting on the business of technology , startups, venture capital funding, and Silicon Valley. We dedicate this countdown post to all the early-stage startup founders who hunger for an opportunity to break new ground. This is the final week you can apply to be a TC Top Pick and exhibit

Several payments companies left Facebook’s cryptocurrency project earlier this month. Analysts said the departures would likely delay the coin’s launch and shift Congress’s attention to other matters. That might give Zuckerberg some breathing room, they said.

Read more: Libra Exits May Give Facebook Some Breathing Room, Analysts Say

On Thursday, David Marcus, the Facebook executive leading Libra, said China’s progress toward a digital payments system with global reach could pose a threat to U.S. influence. Marcus had earlier this month said that payments companies exiting Libra was in a way “liberating.”

Facebook’s shares declined as much as 1.4% on Friday.

To contact the reporter on this story: Felice Maranz in New York at [email protected]

To contact the editors responsible for this story: Catherine Larkin at [email protected], Debarati Roy

For more articles like this, please visit us at bloomberg.com

©2019 Bloomberg L.P.

Facebook CEO Zuckerberg Defends Policy Allowing Misleading or False Campaign Ads .
Facebook has come under fire for approving an ad for President Trump's 2020 reelection campaign accusing rival Joe Biden and his son Hunter of corruption.“People worry, and I worry deeply, too, about an erosion of truth,” Zuckerberg told the Washington Post. “At the same time, I don’t think people want to live in a world where you can only say things that tech companies decide are 100 percent true.

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