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Facebook should stop doing ‘superficial’ things and change business model, says early investor; here’s why
TIWN
Facebook should stop doing ‘superficial’ things and change business model, says early investor; here’s why
PHOTO : TIWN

New Delhi, May 18 (TIWN): Doubling down on Facebook’s alleged storage and use of customer data, Facebook’s early investor Roger McNamee has called for a change in its business model that doesn’t depend on using customer data without making them aware about it.

Facebook’s Mark Zuckerberg and Sheryl Sandberg should “stop doing these superficial things,” said McNamee, that fails to focus on the “underlying problems,” McNamee, co-founder at private equity firm Elevation Partners told CNBC.
 
Underscoring the negative impact on privacy and democracy with respect to technology, McNamee said that collecting tons of private data and using it in ways that customers are not aware of is the “model that we have to fix.”
 
Apart from Facebook, other large technology companies including Google, Amazon or Microsoft should also look at changing their business models, said McNamee who also authored a book titled Zucked that looks at the downside impact of Facebook on the social and modern life that has drifted people away from each other with its vision of connecting everyone.
 
Facebook has received tremendous flak for its handling of user data that also caught it in the middle of Cambridge Analytica scandal in March that harvested reportedly 50 million Facebook profiles of US voters to use during 2016 election.
 
Later in June, Facebook said a bug may have exposed posts of up to 14 million users. In September too, a security flaw in almost 50 million accounts allowed hackers to control them. Then another security glitch exposed personal data of 14 million people in October.
 
Facebook’s co-founder Chris Hughes had last week wrote about “breaking-up” Facebook even as Mark Zuckerberg has “unchecked power” and influence more than “anyone else in the private sector or in government,” he wrote in a piece published by the New York Times, referring to Mark Zuckerberg influencing elections.
 
In response, Mark Zuckerberg had rejected the ‘idea’ to break-up as it won’t help “solve those issues,” he said.
 
“If you care democracy and elections, then you want a company like us to be able to invest billions of dollars per year like we are in building up really advanced tools to fight election interference,” CNBC reported citing Mark Zuckerberg interview to French broadcaster France 2.
 
Nonetheless, Facebook and other technologies MNCs should clear themselves off the hate speech and disinformation before it increases, McNamee said.
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