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Facebook under scrutiny once more over civil rights

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Miguel A. Rodriguez
Miguel A. Rodriguez
14 September 2020
Concerning news came from auditors and civil rights representatives

Facebook takes hit after hit. After at the end of June major companies started to boycott Facebook over racism, and Black Lives Matter, Holocaust, and such, now, it took another hit, as the results of a two-year audit came through.

Yesterday, auditors published an 89-page report in which states that Facebook made "vexing and heartbreaking decisions" that led to "significant setbacks for civil rights." According to the report, since 2018, when the auditors started working on this, the company made progress in the right direction, but things took a turn for the worse in the past nine months, "with real-world consequences." 

It came into attention that Facebook decided to leave up the post that President Trump posted where it used the phrase "when the looting starts, the shooting starts" regarding the Minneapolis protests over George Floyd's death. Besides the companies that temporarily ended the collaboration with Facebook, they also had some of its own employees protesting against its policies.

Facebook's attitude regarding civil rights and disinformation dissemination contrasts with Twitter’s way of handling the matter – it marked one of Trump’s tweets about looting. 

To be aligned with the auditors' requirements, Facebook has to have a rock-solid civil right infrastructure, to be consistent and transparent regarding the civil rights laws. Steps in this direction have been taken, and on Tuesday, Mark Zuckerberg, COO Sheryl Sandberg, and other officials met with civil rights leaders. But the meeting didn’t go smoothly, and according to one of the civil rights leaders, it was a “disappointment.” Now, allegedly, the company is looking to hire a civil rights executive. 

Facebook’s market performance didn’t budge, and yesterday it closed higher by 1.13%, and in today’s pre-market session gained more than 0.60%.

Sources: bbc.com, cnbc.com


This information/research prepared by Miguel A. Rodriguez does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. The research analyst primarily responsible for the content of this research report, in part or in whole, certifies that the views about the companies and their securities expressed in this report accurately reflect his/her personal views and consequently any person acting on it does so entirely at their own risk.The research provided does not constitute the views of KW Investments Ltd nor is it an invitation to invest with KW Investments Ltd. The research analyst also certifies that no part of his/her compensation was, is, or will be, directly, or indirectly, related to specific recommendations or views expressed in this report.The research analyst in not employed by KW Investments Ltd. You are encouraged to seek advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit that conforms to your specific investment objectives, financial situation, or particular financial needs before making a commitment to invest. The laws of the Republic of Seychelles shall govern any claim relating to or arising from the contents of the information/ research provided. 

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Miguel A. Rodriguez
Miguel A. Rodriguez
Financial Writer

Miguel worked for major financial institutions such as Banco Santander, and Banco Central-Hispano. He is a published author of currency trading books.