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* Shia Kapos…
Illinois State Treasurer Mike Frerichs is pressuring Facebook to own up to its role in allowing Russia to meddle in the 2016 U.S. Presidential election.
As treasurer, Frerichs oversees state investments that include a stake in Facebook. He began fighting in April to get the social-media company to put an end to bogus news reports.
“Facebook’s accountability for the spread of fake news cannot be outsourced,” Frerichs wrote in a letter to the company founded by billionaire Mark Zuckerberg.
In September, Facebook acknowledged that more than 3,000 political advertisements posted on the social-media network were linked to Russia. Some 10 million people saw the ads, which primarily targeted battleground states where Trump narrowly won. Some of the ads used socially divisive messages on such hot-button issues as gay rights and immigration.
“I was aware there was fake news but I didn’t realize that many Americans were consuming news that way,” Frerichs told me.
* He’s sent the company some letters [click here to read them] and received a pablum response. From his latest…
I strongly encourage Facebook to engage investors and the public at large to disclose (1) the extent of illegal and fraudulent activity on Facebook, (2) the success of current efforts to stem said activity, and (3) more broadly, what industry-wide measures are needed to prevent the proliferation of fake news while respecting First Amendment rights.
This is the opportunity for Facebook to step forward as an industry innovator, help launch a unified response effort, restore confidence among investors and government officials, mitigate long-term risks to shareholder value, and stand up for core values – like honesty, integrity, and responsibility – that define our national character.
* His office also participated in a conference call…
On June 8, 2017, representatives from the Treasurer’s Office and fellow concerned investors held a phone call with representatives from Facebook’s Investor Relations and Corporate Communications teams to discuss the issues raised in the Treasurer’s letter.
While the team at Facebook agreed that this is a serious issue and they outlined ongoing efforts to disrupt the proliferation of fake news, they did not express support for the transparency and accountability measures sought by the Treasurer and other investors, which include further reporting and disclosures on the extent of illegal and fraudulent activity on Facebook and the success of current efforts to stem said activity.
posted by Rich Miller
Friday, Oct 20, 17 @ 2:44 pm
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Excellent issue for him and good on them for taking Facebook to task. The day of reckoning is coming for Facebook and Twitter, I hope anyway, and they’d be smart to clean up their own house before the government has to do it for them.
Comment by Sonny Friday, Oct 20, 17 @ 2:51 pm
Of course they are not rushing to be transparent, because Facebook is still making money from this!
Comment by morningstar Friday, Oct 20, 17 @ 2:53 pm
Watch out Facebook, with your $507 BILLION market cap, Mike Frerichs has your number.
Comment by Anonymous Friday, Oct 20, 17 @ 2:56 pm
Good for him. A slap at T-Shirt Boy BillionIre is long overdue. Smug.
Comment by Anonymous Friday, Oct 20, 17 @ 3:09 pm
==This is the opportunity for Facebook to step forward as an industry innovator, help launch a unified response effort, restore confidence among investors and government officials, mitigate long-term risks to shareholder value, and stand up for core values – like honesty, integrity, and responsibility – that define our national character.==
Meh, stick to your day job, Mr. Frerichs. Invest state funds in Facebook or don’t invest in them –your call. But get off the soapbox. I along with many others despise Facebook but this just looks like a move to get your name in the news without much other benefit to anybody.
Comment by Responsa Friday, Oct 20, 17 @ 4:12 pm
Facebook: “I guess we will just have to hire more lobbyist next year…”
Comment by ;) Friday, Oct 20, 17 @ 4:13 pm
The longer Zuckerberg places his wallet above all else, the more and more apparent that greed becomes… to everyone. He needs to lead the change at Facebook. Until he does, why should Investor Relations or any other facet of FB? They are only doing the same as the boss. When pendulums swing back, the backslash may really leave a mark on Mark.
Comment by Anon221 Friday, Oct 20, 17 @ 4:35 pm