Facebook’s new mission statement offers ‘fake news’ update
Facebook’s founder, Mark Zuckerberg, is an ambitious man. Recently, he penned a lengthy post on Facebook that serves as an updated mission statement for the company. Perhaps unsurprisingly, the Millennial billionaire sees business and humanitarian concerns intermingling, and his post is both a love letter to globalization and a call to arms to build a “social infrastructure” for the “global community”.
Embedded within this essay, Zuckerberg took the time to address one of the biggest criticisms to be leveled at Facebook over the past twelve months: the accusation that it helps ‘fake news’ to be proliferated.
Facebook has risen by an impressive 16%, year-to-date
SOURCE: Yahoo Finance
Speaking about fake news directly, Zuckerberg wrote:
“Accuracy of information is very important. We know there is misinformation and even outright hoax content on Facebook, and we take this very seriously. We've made progress fighting hoaxes the way we fight spam, but we have more work to do. We are proceeding carefully because there is not always a clear line between hoaxes, satire and opinion. In a free society, it's important that people have the power to share their opinion, even if others think they're wrong. Our approach will focus less on banning misinformation, and more on surfacing additional perspectives and information, including that fact checkers dispute an item's accuracy.”
This seemingly innocuous paragraph contains important information on how Facebook seeks to police the enormous amount of news content uploaded to its platform – now, perhaps, the most popular news source on the internet. Investors should feel confident that Zuckerberg’s suggestions – as well as the love letter to globalization within which they are embedded – will almost certainly appeal tot eh mainstream media that represents a lucrative possibility for the social media giant in the immediate future.
Dominion holds Facebook in its Global Trends Ecommerce Fund.
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