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Facebook May Soon Hire Journalists in Order to Tackle Fake News

Facebook could have a direct relationship with publishers in order to make sure that the content is really high-quality

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A television photographer shoots the sign outside of Facebook headquarters in Menlo Park, Calif. VOA

In order to better tackle fake news and improve quality of content on its platform, Facebook might hire a new generation of digital-era journalists and news publishers.

In a discussion with Mathias Dopfner, CEO of Europe’s largest publisher Axel Springer, Facebook CEO Mark Zuckerberg on Monday talked over how the platform should create more high-quality news for its over 2 billion users globally.

“I don’t know how many fake accounts you think Facebook has, but it seems to be quite a big amount. Some people are saying 700 million. I have no clue, but that has to be dealt with as a very serious problem,” said the 34-year-old CEO.

“We have to make a business in order to finance investigative journalists and correspondents, and big foreign networks, they cannot afford to do that for free,” he added.

Zuckerberg said he would focus on making sure what makes the offering and it’s structuring on Facebook attractive for the hundreds of thousands of journalists, bloggers, digital native publishers, legacy publishers, that they are attracted to put their best content on that platform.

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FILE – The Facebook app icon is shown on an iPhone in New York. VOA

“We’re not going to have journalists making news. What we want to do is make sure that this is a product that can get people high-quality news,” said the Facebook co-founder.

Facebook could have a direct relationship with publishers in order to make sure that the content is really high-quality.

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“There’s a whole set of questions around how do we build a service that is contributing to high-quality journalism through increasing monitorisation,” said the American tech entrepreneur.

The Menlo Park-based online social media and social networking service company is battling the menace of fake news and misinformation on its platform, especially during election times, including in India where it has removed thousands of fake accounts, groups and pages linked with political parties. (IANS)

Next Story

US Lawmakers Call Facebook’s Digital Coin Libra as ‘Delusional’

Under Facebook subsidiary Calibra, the social networking giant has planned to introduce a digital wallet for Libra. The wallet will be available on Messenger, WhatsApp and as a standalone app and is expected to be launched in 2020

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Facebook, Libra, Bitcoin
Bitcoin, which has risen in value for eight consecutive days, received a boost after Facebook has said it would offer its own cryptocurrency, the Libra coin by end of June 2020. Pixabay

The US lawmakers attacked Facebook’s upcoming digital cryptocurrency Libra at a Senate hearing here, calling it “delusional” and “dangerous” and directing the social networking giant to clean up its house first before launching a new business model.

David Marcus, Head of Facebook subsidiary Calibra, was grilled at the Senate Banking Committee on Tuesday, reports Tech Crunch.

Democrat Senator Sherrod Brown who began the hearing blasted Facebook, saying it was “delusional” to think people would trust it with their hard-earned money.

“We’d be crazy to give them a chance to let them experiment with people’s bank accounts,” said Brown, adding that “like a toddler who has gotten his hands on a book of matches, Facebook has burned down the house over and over and called every arson a learning experience.

Republican Senator Martha McSally echoed his views: “Instead of cleaning up your house, you are launching a new business model.”

Marcus said Facebook “will only build its own Calibra cryptocurrency wallet into Messenger and WhatsApp”.

Marcus told lawmakers that Libra – controlled by a non-profit called the Libra Association — will comply with all US regulations and unless all concerns are answered, would not be launched.

Earlier on Monday, US Treasury Secretary Steven Mnuchin said he was “uncomfortable” with Libra. US Federal Reserve Chair Jerome Powell has also raised “serious concern” over Libra.

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FILE – Representations of virtual currency are displayed in front of the Libra logo in this illustration picture. VOA

Marcus, in a prepared testimony, said the Libra Association would be regulated by the Swiss government because that’s where it’s headquartered.

“The Libra Association expects that it will be licensed, regulated, and subject to supervisory oversight. Because the Association is headquartered in Geneva, it will be supervised by the Swiss Financial Markets Supervisory Authority (FINMA),” Marcus wrote.

US President Donald Trump last week tweeted that he is not a fan of Bitcoin and other cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air.

“Unregulated Crypto Assets can facilitate unlawful behaviour, including drug trade and other illegal activity,” Trump said.

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“Similarly, Facebook Libra’s avirtual currency’ will have little standing or dependability. If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks, both National and International.

“We have only one real currency in the USA, and it is stronger than evera It is called the United States Dollar!” he further tweeted.

Facebook has said it is not going to launch its digital coin Libra unless regulators are fully satisfied and all necessary approvals are in place.

Under Facebook subsidiary Calibra, the social networking giant has planned to introduce a digital wallet for Libra. The wallet will be available on Messenger, WhatsApp and as a standalone app and is expected to be launched in 2020. (IANS)