WASHINGTON — Facebook CEO Mark Zuckerberg acknowledged Wednesday that regulation of social media companies is “inevitable” and disclosed that his own personal information has been compromised by malicious outsiders. But after two days of congressional testimony, what seemed clear was how little Congress seems to know about Facebook, much less what to do about it.
House lawmakers aggressively questioned Zuckerberg Wednesday on user data, privacy settings and whether the company is biased against conservatives.
As they did in the Senate a day earlier, both Republicans and Democrats suggested that regulation might be needed, but there was no consensus and few specifics about what that might look like — or even what the biggest problems are.
New Jersey Rep. Frank Pallone, the top Democrat on the panel and a 30-year veteran of the House, said at the beginning of the hearing that he plans to work on legislation but is pessimistic that Congress will pass anything.
“I’ve just seen it over and over again — that we have the hearings, and nothing happens,” he said.
For Zuckerberg, who often found himself explaining what his company does in rudimentary terms to lawmakers twice his age, the hearings could be considered a win: Facebook shares rose more than 1 percent after climbing 4.5 percent on Monday. And his company regained more than $25 billion in market value that is had lost since it was revealed in March that Cambridge Analytica, a data-mining firm affiliated with Donald Trump’s presidential campaign, gathered personal information from 87 million users to try to influence elections.
Still, Facebook’s stock remains 10 percent below where it stood before the scandal, a decline that has wiped out about $50 billion in shareholder wealth.
Zuckerberg agreed to the hearings as pressure mounted over the Cambridge Analytica scandal and the company’s own admission last year that it had been compromised by Russians trying to influence the 2016 election.
Earlier this year, special counsel Robert Mueller charged 13 Russian individuals and three Russian companies in a plot to interfere in the 2016 presidential election through a social media propaganda effort that included online ad purchases using U.S. aliases and politicking on U.S. soil. A number of the Russian ads were on Facebook.
Zuckerberg told the Senate on Tuesday that the company has been working with Mueller in his Russia probe and apologized over and over again for the company’s handling of data privacy.
“I started Facebook, I run it, and I’m responsible for what happens here,” he said.
House lawmakers were a bit tougher on Zuckerberg than their colleagues in the Senate, many of whom seemed confused by the company and what it does. Some of the House members curtly cut him off in questioning, trying to make the most of their four minutes each.
