Facebook CEO Faces Accusations Of Securities Fraud by Magdalena Rosova

Facebook has been recently criticized for lack of privacy protection. The pressure forced Facebook's CEO Mark Zuckerberg to breake his silence and promise that users of his social networking site will have more control over their personal information. Mark Zuckerberg published his statement in the Washington Post on Monday where he announced that his company would take inevitable steps to improve the security and protect the privacy of Facebook's users. Zuckerberg, 26-year-old billionaire, admitted that some decisions of the company had evidently failed. Facebook consists primaly of personal information. It is first time Zuckerberg has publicly admittet that Facebook ma! y have problems with the network's privacy settings. Both the New York Times and the Guardian criticized Facebook for not only lack of privacy protection but also for not respecting individual privacy. Today, Facebook has about 500 million users. At its annual conference Zuckerberg announced new rules which made most of the personal information of the users more easy to access. There is possibility to hide the information, but it is way more complicated that before. The new rules have naturally caused anger in public and drove attention of medias. Moreover, the Wall Street Journal revealed that Facebook has sold users' profiles to advertising agencies. Finally, blogger Robert Scoble reported that Facebook shut down the account of people who criticised the site. The company denied the accusation. All these attacks created pressure on the company and finally made Zuckerberg to promptly react and break the silence. In his response he promised more security and privac! y to its users.

related story (sgx17364): http://venturebeat.com/2010/05/19/facebook-connectu-securiti...

by Magdalena Rosova for Cantell TV (http://cantell.tv)

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