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AZUZ: Very different type of speaking event is also having an effect on the market. The stock price of the Facebook social media company went up yesterday when its CEO Mark Zuckerberg testified to the U.S. Congress.
The privacy of Facebook users data is a major focus of these hearings. They started almost a month after news broke that a company named Cambridge Analytica accessed the personal information of as many as 87 million Facebook users without their knowledge.
MARK ZUCKERBERG, CHAIRMAN & CEO, FACEBOOK: It's clear now that we didn't do enough to prevent these tools from being used for harm as well. That goes for fake news, foreign interference in elections and hate speech, as well as developers and data privacy. We didn't take a broad enough view of our responsibility, and that was a big mistake. It was my mistake, and I'm sorry.
AZUZ: But though Zuckerberg admitted that Facebook fell short in preventing abuse of the service, he defended that company's practice of using people's personal information to target ads. He said users overwhelming prefer to see advertisements based on their interests than irrelevant ones.
In recent days, Facebook has a lot of updates designed to address concerns about data privacy. But some lawmakers and critics still have concerns about what information Facebook is collecting from its users, who has access to it, and how it's being used.
