Facebook to overhaul political advertising
There have been questions asked about whether Russian-bought Facebook ads could have misled voters in the run up to the last U.S. presidential election. After initially resisting the request to share information, the company’s founder, Mark Zuckerberg, has had a change of heart.
He said: “I don’t want anyone to use our tools to undermine democracy. That’s not what we stand for. The integrity of elections is fundamental to democracy around the world.” Now, the company will not only share the information they have, but look at overhauling how they deal with political advertising going forward.
Facebook’s share price has risen by 48% so far this year
SOURCE: Yahoo Finance
Facebook’s ad-purchasing process doesn’t require interaction with a human being – instead it’s a self-service automated system. This makes it “impossible to totally eliminate abuse of the system,” according to Mr. Zuckerberg. Nonetheless, Facebook can make it harder for “bad actors to be effective.”
It will do this by employing a 250-strong team to work on “election integrity”, making political ads on the platform more transparent. Zuckerberg said: “it is a new challenge for internet communities to have to deal with nation-states attempting to subvert elections. But if that’s what we must do then we will rise to the occasion.”
Zuckerberg also added that the company’s investigation into possible interference from Russia “isn’t over”, and that they are looking at other possible foreign actors, including former Soviet states.
Dominion holds Facebook in its Global Trends Ecommerce Fund.
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