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Facebook shares fall, asks global users to review its privacy policy

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Facebook shares are trading lower Thursday as the global social media platform asks its users to review their privacy settings and its privacy policy. The move comes as the EU data protection directive, GDPR comes into force.

By 1615 BST, Facebook shares were 0.68% lower at $185.62. Despite a turbulent year so far for the tech giant, the stock is some four cents higher than where it stood at the beginning of 2018.

Facebook shares’ privacy policy update

Facebook is alerting all its users and requesting them to review their own privacy setting as well as its own updated privacy policy. The move coincides with the new EU GDPR rules but also follows the Cambridge Analytica scandal that has dogged Mark Zuckerberg’s company.

“After updating our data policy and making our privacy controls easier to find, we’re now showing people an alert as they visit News Feed so they can review details about advertising, face recognition, and information they’ve chosen to share in their profile,” said Erin Egan, Facebook’s Chief Privacy Officer.

“We introduced a similar experience in the European Union as part of our preparation for the General Data Protection Regulation (GDPR), and now we’re making it available everywhere,” she added.

Continuing to fight fake news

While sharing its updated privacy policy with its users, Facebook has also stated its strategy for its continuing fight against ‘fake news’.

“Our strategy to stop misinformation on Facebook has three parts:

  • Remove accounts and content that violate our Community Standards or ad policies.
  • Reduce the distribution of false news and inauthentic content like clickbait.
  • Inform people by giving them more context on the posts they see,” Facebook said.

The tech business details how its learned a lot in the past couple of years about how to identify “bad actors” and that it is now working to remove them from the platform.

In a bid to clean up the ads on there and ensure that everything that appears on Facebook is generated by real users with genuine intentions to share information with their friends, family and community, Facebook is closing down accounts where its policies aren’t being met.

“False news has disruptive and destructive consequences around the world,” said Facebook product manager, Tessa Lyons. “We have an important responsibility, and we know we have a lot of work to do to live up to it.”

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