A Senate panel to grill a Facebook Inc. executive next week following a Wall Street Journal report that revealed Facebook knew its platforms were negatively impacting young users but didn’t do much. – something to solve the problem.
Senators Marsha Blackburn, R-Tenn., And Richard Blumenthal, D-Conn., Will call a hearing before a Senate consumer protection subcommittee on Thursday, September 30, entitled “Protecting Kids Online: Facebook, Instagram, & Mental Health Damage.
Antigone Davis, Facebook’s global head of security, is scheduled to appear before the panel.
“Mark Zuckerberg’s guiding principle for Facebook is profit,” Blackburn said in a statement Thursday. “The platform was fully aware that Facebook had serious and damaging issues. The risk of suicide among young girls has increased, human trafficking has flourished on the site and the cartels have rejoiced in their killings. I look forward to Facebook responding to these very serious allegations.
The Journal published a series of articles last week examining the problems with Facebook’s platforms, including Instagram, and the damage they are causing. A report found that the social media giant knew Instagram was toxic to teenage girls, but downplayed its impact on mental health in public.
Following the reports, which Facebook called “misrepresentation,” Blackburn and Blumenthal announced their intention to hold a Senate hearing on the matter.
Facebook shares FB,
have fallen more than 7% in the past five days, but are still up 27% year-to-date, compared to the S&P 500’s SPX,
18% gain this year.