Zuckerberg: regulation of social media firms is 'inevitable'
WASHINGTON (AP) — Facebook CEO Mark Zuckerberg told a House oversight panel today he believes it is "inevitable" there will be regulation of the social media industry and also disclosed to lawmakers his own data was included in the personal information sold to malicious third parties.
"The internet is growing in importance around the world in people's lives, and I think that it is inevitable that there will need to be some regulation," Zuckerberg said during testimony before the House Energy and Commerce Committee. "So my position is not that there should be no regulation but I also think that you have to be careful about regulation you put in place."
Larger, more dominant companies like Facebook have the resources to comply with government regulation, he said, but "that might be more difficult for a smaller startup to comply with."
Lawmakers in both parties have floated possible regulation of Facebook and other tech companies amid privacy scandals and Russian intervention on the platform. It's not clear what that regulation would look like and Zuckerberg didn't offer any specifics.
Zuckerberg was answering a question from Rep. Anna Eshoo, D-Calif., when he informed lawmakers about his personal data, a reference to the Cambridge Analytica scandal that has rocked his company over the past several weeks.
His remarks came as he opened the second day of a congressional inquisition in the wake of the worst privacy debacle in his company's history. A day earlier, Zuckerberg batted away often-aggressive questioning from senators who accused him of failing to protect the personal information of millions of Americans from Russians intent on upsetting the U.S. election.