Facebook shares closed lower Friday and are seen opening in the red Monday, after confirmation in a document given to the US Government Friday that the tech giant continued sharing user information with outside firms, beyond its 2015 policy update.
Mark Zuckerberg’s social media platform also announced Friday that it has increased its transparency levels for online ads and other pages on its site.
Facebook shares ended the US Friday session 0.97% lower at $194.32. the stock is also in negative territory in pre-market trading.
Facebook data sharing details
On Friday, Facebook submitted an over 700-page document to the US government responding to questions put to the firm at a US hearing in April.
Among the evidence the social media platform shared, were details that some firms still had access to user data that, under Facebook’s 2015 data policies, they shouldn’t have had, beyond April of that year.
Some other tech firms listed, including Apple, Google, Huawei, Microsoft, Amazon and Samsung have legitimate access due to hardware data agreements and requirements for new apps and performance.
However, a different list of companies who still had access to user data beyond the April 2015 deadline, included companies like Nissan, Alibaba, UPS, Nike, AOL and dating app, Hinge.
Facebook added that a further six companies and apps could, theoretically, still have access to user data that they shouldn’t.
Facebook ad transparency upgrade
Just as Twitter announced changes to its ad policies last week, Facebook has updated some of its ad related policies in relation to improving transparency around the process.
Facebook users can now see all the details relating to any ad that’s shown on Facebook – even ones that aren’t shown to them.
They can simply search for the ad, then go onto the page the ad originates from, or runs on and see more information on the business that created and paid for the ad.
“Giving people more information about any organization and the ads it’s currently running will mean increased accountability for advertisers, helping to prevent abuse on Facebook,” Rob Leathern, Director of Product Management and Emma Rodgers, Product Marketing Director said in a blog post.