Users own and control their data, says Zuckerberg

Its stock is down about seven percent this year and, ironically, shares hit an all-time high just before the Cambridge Analytica scandal hit, but they've been down 16 percent ever since. CA was used by the Trump campaign in 2016.

The congressional hearings this week followed revelations that Cambridge Analytica, a political consulting firm, had improperly harvested the data of up to 87 million Facebook users. Say you're a company that makes camping tents, you can go to Facebook and say 'hey, we're a tenting-camp company in Nova Scotia, here's our ad and we want you to show this ad to men and women between 20 and 35 who have gone to a national park, for example.

The tech giant's announcement comes on the heels of co-founder and CEO Mark Zuckerberg's testimony before Congress this week. They may even be aware that their own re-election could be on the line, potentially from foreign interference. Now the site basically regulates itself. "We're thrilled that Facebook has decided not to contribute any additional money to the opposition", Ross said.

Forbes, which tracks real-time data to create the ranking of the world's billionaires, lists him as the seventh richest person in the world.

Zuckerberg was unable to answer Dingell, the MI congresswoman, when she asked how frequently Facebook used computer code embedded in websites to gather dossiers on virtually everyone online.

So, how did he do?

Zuckerberg was extremely awkward, but most of all... calm? For this appearance, however, he has clearly had a ton of media training, and he has appeared calm and collected - even managing to crack a joke or two.

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Zuckerberg responded that Facebook does not listen in on people's conversations and that Facebook executives bring their phones into confidential meetings. Representative Billy Long (R-MO) wanted to know about "FaceMash", a social app Zuckerberg built in his dorm room and shut down a decade ago.

Facebook CEO promised that he would get back with answers if Facebook finds any new cases of transferring the user data while breaching the terms of service for the platform.

It was the phrase "a version" in the earlier part of his testimony that seemed to suggest a paid version could be a possibility. The reason why Senators were so focused on this is because an ad-free version would ultimately involve less of users' data being taken.

The E.U.'s General Data Protection Regulation will impose much stronger privacy obligations and much more proactive privacy obligations on companies, Laidlaw said. "Every time there is a control right there", Zuckerberg said.

"Some stand out quotes included...."

"This is a wake-up call to Silicon Valley and the tech community that if you let these things get out of hand, having grown up in a very lightly regulated environment, you could end up with a lot more regulation than you seek", he said after the hearing.

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