Warren trolls Facebook election ad policy with a ‘false’ ad that says company endorsed Trump

Democratic presidential candidate Massachusetts Sen. Elizabeth Warren attends the SEIU’s Unions for All summit in Los Angeles, California, U.S. October 4, 2019. “Breaking news: Mark Zuckerberg and Facebook just endorsed Donald Trump for re-election,” the ads reads. Warren argues that Facebook is accepting money from and helping Trump’s re-election campaign, despite the lies in the campaign’s advertising. “Facebook already helped elect Donald Trump once,” Warren’s ad said. Warren responded to Zuc


Democratic presidential candidate Massachusetts Sen. Elizabeth Warren attends the SEIU’s Unions for All summit in Los Angeles, California, U.S. October 4, 2019. “Breaking news: Mark Zuckerberg and Facebook just endorsed Donald Trump for re-election,” the ads reads. Warren argues that Facebook is accepting money from and helping Trump’s re-election campaign, despite the lies in the campaign’s advertising. “Facebook already helped elect Donald Trump once,” Warren’s ad said. Warren responded to Zuc
Warren trolls Facebook election ad policy with a ‘false’ ad that says company endorsed Trump Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-12  Authors: emma newburger
Keywords: news, cnbc, companies, politicians, false, facebook, endorsed, zuckerberg, warren, policy, election, presidential, president, trump, reelection, company, trolls


Warren trolls Facebook election ad policy with a 'false' ad that says company endorsed Trump

Democratic presidential candidate Massachusetts Sen. Elizabeth Warren attends the SEIU’s Unions for All summit in Los Angeles, California, U.S. October 4, 2019.

Elizabeth Warren is buying ads on Facebook that falsely claim Mark Zuckerberg has endorsed President Donald Trump, in a deliberate ploy that targets Facebook’s controversial decision to allow politicians to make false claims in paid advertising.

The Democratic presidential candidate’s campaign sponsored the posts that started to spread across social media on Thursday.

“Breaking news: Mark Zuckerberg and Facebook just endorsed Donald Trump for re-election,” the ads reads.

While the statement isn’t true, Facebook’s own policy exempts ads by politicians from third-party fact-checking. That includes Warren’s trolling ad, which includes a disclaimer that says the content isn’t true.

On Sept. 24, the company announced it would not fact check or remove content by politicians, even if it violates the company’s rules. Facebook’s vice president of global affairs and communications Nick Clegg wrote in an announcement of the policy that “It is not our role to intervene when politicians speak.”

Facebook’s policy has drawn intense scrutiny after the company said it would allow Trump’s re-election campaign to run an ad with false claims about former Vice President Joe Biden and his son. The ad was rejected by CNN for making a “demonstrably false” narrative about Biden.

Warren argues that Facebook is accepting money from and helping Trump’s re-election campaign, despite the lies in the campaign’s advertising.

“Facebook already helped elect Donald Trump once,” Warren’s ad said. “Now, they’re deliberately allowing a candidate to intentionally lie to the American people. It’s time to hold Mark Zuckerberg accountable.”

In a statement, a Facebook spokesperson said that “If Senator Warren wants to say things she knows to be untrue, we believe Facebook should not be in the position of censoring that speech.”

The Massachusetts senator, who has risen toward the top of national polls in the Democratic presidential primary, has long pushed for antitrust action against major tech companies, and has said that Facebook should be broken up into smaller companies.

Last week, in leaked transcripts of a July meeting at Facebook, Zuckerberg told employees that if Warren becomes president, “then I would bet that we will have a legal challenge, and I would bet that we will win the legal challenge.”

“But look, at the end of the day, if someone’s going to try to threaten something that existential, you go to the mat and you fight,” Zuckerberg said.

Warren responded to Zuckerberg’s comments in a tweet Tuesday morning, saying companies like Facebook engage in ‘anticompetitive practices.’

“What would really ‘suck’ is if we don’t fix a corrupt system that lets giant companies like Facebook engage in illegal anticompetitive practices, stomp on consumer privacy rights, and repeatedly fumble their responsibility to protect our democracy,” Warren tweeted.


Company: cnbc, Activity: cnbc, Date: 2019-10-12  Authors: emma newburger
Keywords: news, cnbc, companies, politicians, false, facebook, endorsed, zuckerberg, warren, policy, election, presidential, president, trump, reelection, company, trolls


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Zuckerberg says Amazon cloud bill for his philanthropy is sky high: ‘Let’s call Jeff up and talk about this’

Mark Zuckerberg took a break from his day job as CEO of Facebook on Thursday to talk about scientific research at the Chan Zuckerberg Initiative, the philanthropic organization he started with his wife, Priscilla Chan. In particular, Zuckerberg called out Amazon Web Services, the leader in public cloud, and Amazon CEO Jeff Bezos for the high costs of using the company’s infrastructure. “Let’s call up Jeff and talk about this.” Zuckerberg is selling billions of dollars in Facebook stock to fund t


Mark Zuckerberg took a break from his day job as CEO of Facebook on Thursday to talk about scientific research at the Chan Zuckerberg Initiative, the philanthropic organization he started with his wife, Priscilla Chan. In particular, Zuckerberg called out Amazon Web Services, the leader in public cloud, and Amazon CEO Jeff Bezos for the high costs of using the company’s infrastructure. “Let’s call up Jeff and talk about this.” Zuckerberg is selling billions of dollars in Facebook stock to fund t
Zuckerberg says Amazon cloud bill for his philanthropy is sky high: ‘Let’s call Jeff up and talk about this’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-10  Authors: christina farr
Keywords: news, cnbc, companies, zuckerberg, cloud, lets, bill, ceo, initiative, services, research, sky, philanthropy, jeff, amazon, high, talk, facebook


Zuckerberg says Amazon cloud bill for his philanthropy is sky high: 'Let's call Jeff up and talk about this'

Facebook’s founder and CEO Mark Zuckerberg speaks to participants during the Viva Technologie show at Parc des Expositions Porte de Versailles on May 24, 2018 in Paris, France.

Mark Zuckerberg took a break from his day job as CEO of Facebook on Thursday to talk about scientific research at the Chan Zuckerberg Initiative, the philanthropic organization he started with his wife, Priscilla Chan.

Even at CZI, Zuckerberg is very focused on technology. In a livestreamed discussion, Zuckerberg said that one of the challenges involved with cutting-edge research for labs and biotech start-ups is the high cost of computing services. While it’s now cheaper than ever to sequence human DNA and generate data on our biological makeup, it’s become extremely expensive to store and analyze all the information.

In particular, Zuckerberg called out Amazon Web Services, the leader in public cloud, and Amazon CEO Jeff Bezos for the high costs of using the company’s infrastructure.

“One of the things we talk about is our cost of compute and our AWS bill,” Zuckerberg said, in a chat with the research center’s co-presidents, Dr. Joseph DeRisi and Dr. Stephen Quake. “Let’s call up Jeff and talk about this.”

CZI, a research center based in San Francisco, has a broad array of projects underway, ranging from cell biology to early stage cancer research. Zuckerberg is selling billions of dollars in Facebook stock to fund the initiative. The Chan Zuckerberg Biohub, a collaboration with biomedical research institutions, is funded by additional benefactors including LinkedIn co-founder Reid Hoffman.


Company: cnbc, Activity: cnbc, Date: 2019-10-10  Authors: christina farr
Keywords: news, cnbc, companies, zuckerberg, cloud, lets, bill, ceo, initiative, services, research, sky, philanthropy, jeff, amazon, high, talk, facebook


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Mark Zuckerberg says brain-reading wearables are coming, but certain functions may require implanted devices

Mark Zuckerberg said on Thursday that he wants to work on brain-controlling wearable and implantable technology, and Facebook’s recent acquisition of CTRL-labs was a step in that direction. The company is working on a wristband that will allow people to control devices based on signals from their spinal cord. Upon completion of the deal, CTRL-labs will join Facebook Reality Labs, which is working to develop augmented-reality smart glasses. Zuckerberg, DeRisi and Quake were chatting as part of th


Mark Zuckerberg said on Thursday that he wants to work on brain-controlling wearable and implantable technology, and Facebook’s recent acquisition of CTRL-labs was a step in that direction. The company is working on a wristband that will allow people to control devices based on signals from their spinal cord. Upon completion of the deal, CTRL-labs will join Facebook Reality Labs, which is working to develop augmented-reality smart glasses. Zuckerberg, DeRisi and Quake were chatting as part of th
Mark Zuckerberg says brain-reading wearables are coming, but certain functions may require implanted devices Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-10  Authors: salvador rodriguez
Keywords: news, cnbc, companies, zuckerberg, functions, implanted, require, technology, reality, devices, implantable, wearables, coming, mark, brainreading, quake, certain, working, derisi, ctrllabs, speech, facebook


Mark Zuckerberg says brain-reading wearables are coming, but certain functions may require implanted devices

Mark Zuckerberg said on Thursday that he wants to work on brain-controlling wearable and implantable technology, and Facebook’s recent acquisition of CTRL-labs was a step in that direction.

“The goal is to eventually make it so that you can think something and control something in virtual or augmented reality,” said Zuckerberg, in a conversation with Dr. Joe DeRisi and Dr. Steve Quake of the Chan Zuckerberg BioHub, a Bay Area-based research center backed by the Facebook CEO and his wife, Priscilla Chan.

Facebook agreed to acquire CTRL-Labs last month for between $500 million and $1 billion, making it one of the social network’s biggest purchases. The company is working on a wristband that will allow people to control devices based on signals from their spinal cord. Upon completion of the deal, CTRL-labs will join Facebook Reality Labs, which is working to develop augmented-reality smart glasses.

Zuckerberg, DeRisi and Quake were chatting as part of the Facebook CEO’s series of discussions focused on the future of technology and society. Throughout the conversation, they touched on the challenges and advantages of using implanted technology to read a human’s neurons. Quake said there are health risks involved with implantable technology, while DeRisi pointed out that implantables can decode real-time inner speech that could help people with limited physical or speech abilities from a stroke, for example.


Company: cnbc, Activity: cnbc, Date: 2019-10-10  Authors: salvador rodriguez
Keywords: news, cnbc, companies, zuckerberg, functions, implanted, require, technology, reality, devices, implantable, wearables, coming, mark, brainreading, quake, certain, working, derisi, ctrllabs, speech, facebook


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Mark Zuckerberg to testify before Congress on Facebook’s libra cryptocurrency

Facebook CEO Mark Zuckerberg will testify before the House Financial Services Committee this month, the committee announced Wednesday. ET, entitled “An Examination of Facebook and Its Impact on the Financial Services and Housing Sectors.” House members had been pushing for Zuckerberg to testify on Facebook’s cryptocurrency plans as the committee had been in talks with his COO, Sheryl Sandberg, about testifying, CNBC reported last week. Committee Chairwoman Maxine Waters, D-Calif., previously req


Facebook CEO Mark Zuckerberg will testify before the House Financial Services Committee this month, the committee announced Wednesday. ET, entitled “An Examination of Facebook and Its Impact on the Financial Services and Housing Sectors.” House members had been pushing for Zuckerberg to testify on Facebook’s cryptocurrency plans as the committee had been in talks with his COO, Sheryl Sandberg, about testifying, CNBC reported last week. Committee Chairwoman Maxine Waters, D-Calif., previously req
Mark Zuckerberg to testify before Congress on Facebook’s libra cryptocurrency Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-09  Authors: lauren feiner mary catherine wellons, lauren feiner, mary catherine wellons
Keywords: news, cnbc, companies, facebook, lawmakers, zuckerberg, services, hearing, facebooks, financial, committee, congress, house, libra, testify, mark, cryptocurrency


Mark Zuckerberg to testify before Congress on Facebook's libra cryptocurrency

Facebook CEO Mark Zuckerberg will testify before the House Financial Services Committee this month, the committee announced Wednesday.

Zuckerberg will be the only witness at a hearing, which is scheduled for Oct. 23 at 10 a.m. ET, entitled “An Examination of Facebook and Its Impact on the Financial Services and Housing Sectors.” House members had been pushing for Zuckerberg to testify on Facebook’s cryptocurrency plans as the committee had been in talks with his COO, Sheryl Sandberg, about testifying, CNBC reported last week.

Committee Chairwoman Maxine Waters, D-Calif., previously requested Facebook halt implementation of the libra cryptocurrency ahead of a July hearing with the project’s lead. Waters later seemed dissatisfied with the lack of commitment from David Marcus, Facebook’s crypto chief, to postponing the company’s plans.

Since then, a number of international authorities have expressed concern over libra and one of the project’s original backers, PayPal, has dropped out. Other corporate backers like Visa and Mastercard are also reconsidering their roles, The Wall Street Journal reported. On Tuesday, two members of the Senate Banking Committee sent letters to the CEOs of Visa, Mastercard and Stripe to urge them to “carefully consider how your company will manage” the risks of the libra project before proceeding.

The hearing will be a rare chance for lawmakers to grill the Facebook chief in public. Zuckerberg recently returned to D.C. for his first official visit since his 2018 testimonies over the Cambridge Analytica scandal. But Zuckerberg only talked with lawmakers behind closed doors on that trip.

Zuckerberg’s agreement to testify with lawmakers marks a shift. In a recording of a July staff meeting obtained by The Verge, Zuckerberg told employees he has refused to testify in front of some foreign governments because “it just doesn’t really make sense for me to go to hearings in every single country that wants to have me show up.”

Zuckerberg’s meetings with lawmakers focused on the future of internet regulation, which poses a threat to Facebook’s core business. His willingness to meet representatives on their turf showed, as he has previously expressed, that he accepts regulation is coming and wants to be part of the conversation.

The testimony could also play an important role in the multiple antitrust investigations Facebook is currently facing. The company is under review by investigators at the Federal Trade Commission, a coalition of state attorneys general and the House Judiciary Committee for its competitive practices.

“Mark looks forward to testifying before the House Financial Services Committee and responding to lawmakers’ questions,” a Facebook spokesperson said.

WATCH: FB’s Marcus: There will be no special privilege for Facebook with Libra


Company: cnbc, Activity: cnbc, Date: 2019-10-09  Authors: lauren feiner mary catherine wellons, lauren feiner, mary catherine wellons
Keywords: news, cnbc, companies, facebook, lawmakers, zuckerberg, services, hearing, facebooks, financial, committee, congress, house, libra, testify, mark, cryptocurrency


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Facebook CEO Mark Zuckerberg to testify before Congress

Facebook CEO Mark Zuckerberg to testify before Congress2 Hours AgoCNBC’s Ylan Mui reports on news that Facebook CEO Mark Zuckerberg will testify before Congress on Facebook’s cryptoasset Libra.


Facebook CEO Mark Zuckerberg to testify before Congress2 Hours AgoCNBC’s Ylan Mui reports on news that Facebook CEO Mark Zuckerberg will testify before Congress on Facebook’s cryptoasset Libra.
Facebook CEO Mark Zuckerberg to testify before Congress Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-09
Keywords: news, cnbc, companies, facebook, zuckerberg, mui, reports, congress, hours, ylan, libra, testify, ceo, mark


Facebook CEO Mark Zuckerberg to testify before Congress

Facebook CEO Mark Zuckerberg to testify before Congress

2 Hours Ago

CNBC’s Ylan Mui reports on news that Facebook CEO Mark Zuckerberg will testify before Congress on Facebook’s cryptoasset Libra.


Company: cnbc, Activity: cnbc, Date: 2019-10-09
Keywords: news, cnbc, companies, facebook, zuckerberg, mui, reports, congress, hours, ylan, libra, testify, ceo, mark


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The lesson from Mark Zuckerberg and Jack Dorsey that inspired these students to build a multimillion start-up

Siu Rui Quek had always been entrepreneurial. But it was a lesson learned in his early twenties from enterprising icons Mark Zuckerberg and Jack Dorsey that set him on course for the big times. I always joke that I have a mentor, which is Mark Zuckerberg, but it’s only one-way. Carousell’s co-founders from left to right, Marcus Tan, Siu Rui Quek and Lucas Ngoo. You’ve just got to love what you do and be obsessed about that problem you’re solving Siu Rui Quek co-founder and CEO, Carousell


Siu Rui Quek had always been entrepreneurial. But it was a lesson learned in his early twenties from enterprising icons Mark Zuckerberg and Jack Dorsey that set him on course for the big times. I always joke that I have a mentor, which is Mark Zuckerberg, but it’s only one-way. Carousell’s co-founders from left to right, Marcus Tan, Siu Rui Quek and Lucas Ngoo. You’ve just got to love what you do and be obsessed about that problem you’re solving Siu Rui Quek co-founder and CEO, Carousell
The lesson from Mark Zuckerberg and Jack Dorsey that inspired these students to build a multimillion start-up Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-09  Authors: karen gilchrist
Keywords: news, cnbc, companies, students, mentor, jack, zuckerberg, inspired, multimillion, siu, startup, technology, know, dorsey, mark, lesson, rui, build, big, online, quek


The lesson from Mark Zuckerberg and Jack Dorsey that inspired these students to build a multimillion start-up

Siu Rui Quek had always been entrepreneurial. As a teen, he would fuel his passion for technology and earn extra cash buying and selling gadgets online. But it was a lesson learned in his early twenties from enterprising icons Mark Zuckerberg and Jack Dorsey that set him on course for the big times. That lesson? Know your mission. Quek is co-founder and CEO of $550 million online consumer marketplace Carousell. He started the business with his college friends Marcus Tan and Lucas Ngoo back in 2012 after they were inspired by talks from the top tech talents during an internship in Silicon Valley. And, even today, he says those presentations played a vital role in shaping Carousell’s success.

I always joke that I have a mentor, which is Mark Zuckerberg, but it’s only one-way. Siu Rui Quek co-founder and CEO, Carousell

“The one thing that we really learned and took away,” Quek told CNBC Make It, “is to be absolutely mission-oriented and mission-first.” “This idea of being mission-first just helps people transcend personal egos (and) helps create collaboration,” he said. To be sure, the founders did not mentor Quek and his friends directly. “I always joke that I have a mentor, which is Mark Zuckerberg, but it’s only one-way — I know him but he doesn’t know me,” Quek said.

Carousell’s co-founders from left to right, Marcus Tan, Siu Rui Quek and Lucas Ngoo. Carousell

But, by watching their presentations and studying their style, Quek said he and his co-founders were inspired to think about the big picture and how they could use technology to solve big issues. “I think the one commonality all of them had was just this whole fascination for using technology to solve problems and make a big impact,” said Quek. For Carousell, that meant building a platform to simplify buying and selling online, which, Quek said, plays into the company’s wider mission to “inspire every person in the world to start selling.”

You’ve just got to love what you do and be obsessed about that problem you’re solving Siu Rui Quek co-founder and CEO, Carousell


Company: cnbc, Activity: cnbc, Date: 2019-10-09  Authors: karen gilchrist
Keywords: news, cnbc, companies, students, mentor, jack, zuckerberg, inspired, multimillion, siu, startup, technology, know, dorsey, mark, lesson, rui, build, big, online, quek


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Warren attacks Facebook for ‘quietly’ changing its political ad policy after Zuckerberg’s meeting with Trump

Presidential candidate Sen. Elizabeth Warren, D-Mass., took aim at Facebook CEO Mark Zuckerberg in a series of tweets on Monday night. In Monday’s tweets, Warren drew a line from Zuckerberg’s meeting with President Donald Trump in Washington, D.C. last week to Facebook’s policy change regarding political ads. “The public deserves to know how Facebook intends to use their influence in this election,” Warren wrote in the first of a string of tweets Monday. Warren said that following the meeting, “


Presidential candidate Sen. Elizabeth Warren, D-Mass., took aim at Facebook CEO Mark Zuckerberg in a series of tweets on Monday night. In Monday’s tweets, Warren drew a line from Zuckerberg’s meeting with President Donald Trump in Washington, D.C. last week to Facebook’s policy change regarding political ads. “The public deserves to know how Facebook intends to use their influence in this election,” Warren wrote in the first of a string of tweets Monday. Warren said that following the meeting, “
Warren attacks Facebook for ‘quietly’ changing its political ad policy after Zuckerberg’s meeting with Trump Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-08  Authors: lauren feiner
Keywords: news, cnbc, companies, changing, warren, quietly, policy, ads, zuckerberg, tweets, meeting, zuckerbergs, trump, facebook, attacks, politicians, wrote, political, week


Warren attacks Facebook for 'quietly' changing its political ad policy after Zuckerberg's meeting with Trump

Presidential candidate Sen. Elizabeth Warren, D-Mass., took aim at Facebook CEO Mark Zuckerberg in a series of tweets on Monday night. The attack came one week after the release of a recording where Zuckerberg is heard telling employees that a Warren administration would represent an “existential” threat to the company.

In Monday’s tweets, Warren drew a line from Zuckerberg’s meeting with President Donald Trump in Washington, D.C. last week to Facebook’s policy change regarding political ads. On Sept. 24, Facebook announced it would not fact check or remove content by politicians even if it violates the company’s rules. Facebook’s vice president of global affairs and communications Nick Clegg wrote, “it is not our role to intervene when politicians speak,” in a blog post announcing the new policy. Clegg said they would make exceptions only if a politician’s speech endangers people or is a paid ad that violates its rules.

“The public deserves to know how Facebook intends to use their influence in this election,” Warren wrote in the first of a string of tweets Monday. “For instance, Trump and Zuckerberg met at the White House two weeks ago. What did they talk about?” she wrote in a later tweet.

Warren said that following the meeting, “Facebook quietly changed its policies on ‘misinformation’ in ads, allowing politicians to run ads that have already been debunked by independent, non-partisan fact-checkers. Put another way, Facebook is now okay with running political ads with known lies.”

Warren accused Facebook of letting Trump spend $1 million in a week on political ads amidst a House impeachment inquiry, some with “the same lies TV stations won’t [accept].”

Facebook did not respond to requests for comment.

The offensive approach signals that the Warren campaign sees opportunity in touting Zuckerberg’s fear of her election. When Warren released her plan to break up Big Tech in March, it quickly made the fate of companies like Facebook a key issue of the 2020 election. Zuckerberg’s comments, which had been made an an internal staff meeting in July and later leaked to The Verge, indicate he understands antitrust action is a distinct possibility.

It may not take a Warren administration for such action to occur. Facebook already faces an investigation from the Federal Trade Commission and multiple state attorneys general. The Department of Justice has also announced a broad antitrust review of Big Tech companies, excluding company names but pointing to social media as an area of concern.

Subscribe to CNBC on YouTube.

WATCH: How US antitrust law works, and what it means for Big Tech


Company: cnbc, Activity: cnbc, Date: 2019-10-08  Authors: lauren feiner
Keywords: news, cnbc, companies, changing, warren, quietly, policy, ads, zuckerberg, tweets, meeting, zuckerbergs, trump, facebook, attacks, politicians, wrote, political, week


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Mark Zuckerberg on billionaires: The wealth is ‘unreasonable’ but ‘may be optimal’ for society

I think if you do something that is good, you get rewarded, but I do think some of the wealth that can be accumulated is unreasonable.” “I understand where he’s coming from,” Zuckerberg, who is currently worth $69.5 billion according to Bloomberg’s Billionaire Index , said. In an employee question and answer session live-streamed on Thursday, a Facebook employee asked Zuckerberg to offer his perspective on Sen. Bernie Sanders’s comment that billionaires should not exist . Multi-billionaire Mark


I think if you do something that is good, you get rewarded, but I do think some of the wealth that can be accumulated is unreasonable.” “I understand where he’s coming from,” Zuckerberg, who is currently worth $69.5 billion according to Bloomberg’s Billionaire Index , said. In an employee question and answer session live-streamed on Thursday, a Facebook employee asked Zuckerberg to offer his perspective on Sen. Bernie Sanders’s comment that billionaires should not exist . Multi-billionaire Mark
Mark Zuckerberg on billionaires: The wealth is ‘unreasonable’ but ‘may be optimal’ for society Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-08  Authors: catherine clifford
Keywords: news, cnbc, companies, mark, nih, good, wealth, money, zuckerberg, large, society, unreasonable, optimal, facebook, think, billionaires, funding


Mark Zuckerberg on billionaires: The wealth is 'unreasonable' but 'may be optimal' for society

“I don’t know if I have an exact threshold on what amount of money someone should have but at some level no one deserves to have that much money. I think if you do something that is good, you get rewarded, but I do think some of the wealth that can be accumulated is unreasonable.”

“I understand where he’s coming from,” Zuckerberg, who is currently worth $69.5 billion according to Bloomberg’s Billionaire Index , said.

In an employee question and answer session live-streamed on Thursday, a Facebook employee asked Zuckerberg to offer his perspective on Sen. Bernie Sanders’s comment that billionaires should not exist .

Multi-billionaire Mark Zuckerberg says that while it can be “unreasonable” how much wealth individuals can amass, it also “may be optimal” for society at large if the alternative is governments controlling all of the wealth.

Zuckerberg and his wife, Priscilla Chan, have pledged to give away 99% of their Facebook shares through the Chan Zuckerberg Initiative (CZI) over their lifetime, and “there are people who would even say even that is bad, right?” Zuckerberg said.

“We are funding science, for example. And some people I think would say, ‘Well, is it fair that a group of wealthy people get to — to some degree — choose which science projects get worked on,'” Zuckerberg said.

Indeed, some experts have argued that through philanthropy, the rich have a disproportionate or unfair influence on society, and one even called it “plutocratic.”

Though Zuckerberg told employees “I don’t know how to answer that exactly,” he said, “at some level it is not fair, but it may be optimal,” he said, “…or better than the alternative. The alternative would be the government chooses all of the funding for all of the stuff.”

Zuckerberg uses the example of the National Institutes of Health (NIH). The NIH invests nearly $39.2 billion “in medical research for the American people” annually, according to its website, and of that money more than 80% is awarded through almost 50,000 competitive grants to more than 300,000 researchers at more than 2,500 universities, medical schools and other research institutions all around the world.

As a governmental agency, the NIH has to distribute grant money widely and carefully. But private money can be invested in large sums and on risky bets, says Zuckerberg.

“Part of what makes progress happen is people taking different approaches to different things. And I think that the NIH is generally funding a lot of great work … but I also think it is pretty good that there are other people out there who are trying different approaches, who are willing to fund things and maybe take a bet,” he says. “I think you want a mix of public and private [funding] on all of this.”

Were all funding for large projects distributed through the government, that would “deprive the market and world” of a variety of ways to tackle problems, Zuckerberg said.

“I think you can think at the same time both that it is unfair that any individual might have that much wealth, yet still think it is better for everyone that there is certain choices and competition of the ideas that get to get pushed out there,” Zuckerberg said.

To be sure, not everyone sees billionaires as good for society.

Famous French economist Thomas Piketty, for example, proposes in his new book “Capital and Ideology” (out in the U.S. in March), taxing billionaires out of existence because, broadly speaking, they hamper economic growth.

Per capita income growth has fallen in the United States as the number of billionaires has exploded, Pikketty says.

“Reaganism [low taxes and small government] has begun to justify any concentration of wealth, as if the billionaires were our saviors,” Piketty told French magazine L’Obs in September. But “Reaganism has shown its limits: Growth has been halved, inequalities have doubled. It is time to break out of this phase of sacredness of property. To overcome capitalism.”

See also:

Why ‘Mark Zuckerberg is the most dangerous person in the world,’ according to this NYU business professor

Mark Zuckerberg: If I didn’t have complete control of Facebook, I would have been fired

Nearly 68% of the world’s richest people are ‘self-made,’ says new report


Company: cnbc, Activity: cnbc, Date: 2019-10-08  Authors: catherine clifford
Keywords: news, cnbc, companies, mark, nih, good, wealth, money, zuckerberg, large, society, unreasonable, optimal, facebook, think, billionaires, funding


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This chart ranks everyone (even you) by their wealth, and it’s a snapshot of inequality

The ranking gives everyone in the world a “wealth number,” from -2 (the world’s poorest) to 11 (the world’s wealthiest). There are just 150 people who have a wealth number of 10, a bracket that’s entry level net worth is $10 billion (up to just under $100 billion). Individuals with a wealth number 10 can afford to buy a sports team in a major market, the chart says, for context. You can find your own net worth number on the chart. Federal Reserve, Financial Samurai, Bloomberg Reporting, Bloomber


The ranking gives everyone in the world a “wealth number,” from -2 (the world’s poorest) to 11 (the world’s wealthiest). There are just 150 people who have a wealth number of 10, a bracket that’s entry level net worth is $10 billion (up to just under $100 billion). Individuals with a wealth number 10 can afford to buy a sports team in a major market, the chart says, for context. You can find your own net worth number on the chart. Federal Reserve, Financial Samurai, Bloomberg Reporting, Bloomber
This chart ranks everyone (even you) by their wealth, and it’s a snapshot of inequality Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-07  Authors: catherine clifford
Keywords: news, cnbc, companies, zuckerberg, bloomberg, number, net, gates, ranks, snapshot, wealth, worth, rich, inequality, chart, billionaires, billion


This chart ranks everyone (even you) by their wealth, and it's a snapshot of inequality

There is massive income inequality in the in the U.S. and in the world, and everyone from political candidates to billionaires are talking about it.

A recent global wealth ranking Bloomberg Businessweek put a fine point on it. The ranking gives everyone in the world a “wealth number,” from -2 (the world’s poorest) to 11 (the world’s wealthiest).

Only two people get an 11: Jeff Bezos and Bill Gates. Scoring 11 on the Businessweek ranking means you have $100 billion or more.

There are just 150 people who have a wealth number of 10, a bracket that’s entry level net worth is $10 billion (up to just under $100 billion). Elon Musk scores a 10, for example. Individuals with a wealth number 10 can afford to buy a sports team in a major market, the chart says, for context.

Compared to those very small numbers of very rich people, there are 1.3 billion people who have a wealth number of 4, a bracket that’s entry level net worth is $10,000 (up to just under $100,000). These individuals are generally, in a “median American family headed by someone who has no college education,” the chart says, and can afford a new car, the chart estimates.

At the other end of the scale, 1.5 billion adults reside in the brackets -2 through 2, meaning they have a net worth of less than $1,000, including people with a negative net worth. This population would generally be subsistence farmers and can afford “very little,” the chart says. “So you’re either poor—or a rich person on a bad day, with liabilities exceeding your assets,” according to Businessweek.

You can find your own net worth number on the chart.

Image credit: Bloomberg. Data sources: Credit Suisse Global Wealth Report 2018 for worth numbers -2 through 8. Bloomberg Billionaires Index for 9-11. Federal Reserve, Financial Samurai, Bloomberg Reporting, Bloomberg Billionaires Index.

One caveat: The numbers of people who are grouped in each net worth number are estimates, because the data used, from both the Bloomberg Billionaires Index and the Credit Suisse Global Wealth Report, are not exact, Businessweek says. (For example, Bloomberg data says there are 2,800 billionaires while Credit Suisse says there are 1,600.)

“The purchasing power figures are likewise intended to be illustrative, not hard data. For example, we say a 4 can afford a new car. The point isn’t that new cars cost $10,000 to $99,999 (although that’s the right order of magnitude). It’s that you probably need to be a 4 to afford a new car,” Bloomberg Businessweek says in the accompanying story. “Although, of course, there are 1s, 2s, and 3s who will stretch to buy one.”

What is clear from the chart is how extreme wealth inequality is.

Indeed, in 2018, the world’s wealthiest 26 individuals had the same amount of wealth as the poorest half of the population, according to an Oxfam report published in January. That’s down from the 43 wealthiest people the year before.

During the same period, the wealth of the world’s billionaires increased by $900 billion ($2.5 billion per day), while the wealth of the poorest half of the population (3.8 billion people) fell by 11%, the Oxfam report found.

Even some of the billionaires at the top of Businessweek’s ranking see a problem with such extreme wealth concentration.

Facebook CEO and founder Mark Zuckerberg — who, with a net worth of $69.8 billion, according to Bloomberg, would be a No. 10 — was asked Thursday about his thoughts on Sen. Bernie Sanders comment that billionaires should not exist. Zuckerberg said, “I don’t know if I have an exact threshold on what amount of money someone should have but at some level no one deserves to have that much money.”

“I think if you do something that is good, you get rewarded, but I do think some of the wealth that can be accumulated is unreasonable,” Zuckerberg said. (Zuckerberg and his wife, priscilla Chan, have pledged to give away 99% of their Facebook shares through their non-profit, the Chan Zuckerberg Initiative.)

Bill and Melinda Gates have also said their own wealth is an undo privilege. “No, it’s not fair that we have so much wealth when billions of others have so little,” said Melinda, in the Bill and Melinda Gates Foundation’s 2018 annual letter. “And it’s not fair that our wealth opens doors that are closed to most people.”

Octogenarian and multi-billionaire Warren Buffett says the economy has overwhelmingly financially rewarded people, like him, who are at the top. Buffett is worth $82.2 billion, and would also be a wealth No. 10 on the chart.

“The real problem, in my view, is — this has been — the prosperity has been unbelievable for the extremely rich people,” he said on PBS Newshour in 2017. It “has been disproportionately rewarding to the people on top.”

The Gates and Buffett have pledged to give away more than half of their wealth through The Giving Pledge, a public commitment Buffet and Bill Gates founded and launched in August 2010.

And according to billionaire hedge fund guru Ray Dalio, the wealth inequality that exists in the U.S. may have dire consequences. Dalio has a net worth of $16.6 billion according to Bloomberg, and would therefore be a No. 10.

Current wealth inequality is unsustainable and capitalism needs to be reformed, Dalio says. “We’re at a juncture. We can do it together, or we will do it in conflict, that there will be a conflict between the rich and the poor,” Dalio said on CBS’ “60 Minutes” in July.

See also:

Billionaire Ray Dalio: U.S. economy must change or there will be ‘conflict’ between the rich and poor

Billionaire Warren Buffett says ‘the real problem’ with the US economy is people like him

Bill Gates: Taxes on rich should be ‘much higher’ but capitalism still works — here’s why


Company: cnbc, Activity: cnbc, Date: 2019-10-07  Authors: catherine clifford
Keywords: news, cnbc, companies, zuckerberg, bloomberg, number, net, gates, ranks, snapshot, wealth, worth, rich, inequality, chart, billionaires, billion


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House members push for Zuckerberg to testify on Facebook’s cryptocurrency plans, not just his deputies

Members of the House of Representatives Financial Services Committee are no longer willing to settle for the testimony of Facebook CEO Mark Zuckerberg’s deputies. Several representatives are pushing for Zuckerberg to testify on the company’s plans to launch a new cryptocurrency called libra following talks for his COO Sheryl Sandberg to appear before the committee. Congresswoman Sylvia Garcia, D-Tex., is among the committee members calling for Zuckerberg to appear before the committee. Rep. Lanc


Members of the House of Representatives Financial Services Committee are no longer willing to settle for the testimony of Facebook CEO Mark Zuckerberg’s deputies. Several representatives are pushing for Zuckerberg to testify on the company’s plans to launch a new cryptocurrency called libra following talks for his COO Sheryl Sandberg to appear before the committee. Congresswoman Sylvia Garcia, D-Tex., is among the committee members calling for Zuckerberg to appear before the committee. Rep. Lanc
House members push for Zuckerberg to testify on Facebook’s cryptocurrency plans, not just his deputies Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-04  Authors: lauren feiner
Keywords: news, cnbc, companies, sandberg, deputies, members, facebook, testify, appear, libra, house, testimony, push, cryptocurrency, committee, facebooks, plans, zuckerberg, waters


House members push for Zuckerberg to testify on Facebook's cryptocurrency plans, not just his deputies

Members of the House of Representatives Financial Services Committee are no longer willing to settle for the testimony of Facebook CEO Mark Zuckerberg’s deputies. Several representatives are pushing for Zuckerberg to testify on the company’s plans to launch a new cryptocurrency called libra following talks for his COO Sheryl Sandberg to appear before the committee.

Congresswoman Sylvia Garcia, D-Tex., is among the committee members calling for Zuckerberg to appear before the committee. In a call with reporters on Friday, Garcia said she hopes Zuckerberg could answer questions more thoroughly than project lead David Marcus could at his July hearing.

“I think it is imperative that we get Mr. Zuckerberg before the committee,” Garcia said. “Obviously this is his brainchild and this is his company and I think he would be the one to have the answers.”

Garcia’s press secretary Robert Julien said there has been a “significant push” for Zuckerberg to testify before the committee, though he could not confirm how many representatives are involved in the effort.

Rep. Lance Gooden, R-Tex., also said he wants to see Zuckerberg appear before the committee. In an emailed statement, Gooden said, “After the last hearing my colleagues and I were left with more questions than answers. If Facebook shares our commitment to transparency for the American people then I hope Mr. Zuckerberg will share his testimony before the Committee.”

Zuckerberg’s right hand executive, COO Sheryl Sandberg, had been in talks to testify before the committee as soon as this month, CNBC previously reported. But two sources familiar with the situation told CNBC that the Oct. 29 hearing with Sandberg would not be confirmed until Zuckerberg agrees to appear before the committee. Chairwoman Maxine Waters, D-Calif., has called for Zuckerberg to appear by January, one of the sources said.

Facebook and a spokesperson for the committee declined to comment.

Waters had been critical of Facebook’s plans to create a new cryptocurrency at the committee’s Marcus in July. At the hearing, Waters had asked if Facebook would postpone its plans to launch libra until policymakers could implement appropriate regulations.

Marcus said, “I committed to waiting for us to have all the appropriate regulatory approvals and have addressed all concerns before moving forward.”

“That’s not a commitment,” Waters responded at the time.

The push for Zuckerberg’s testimony comes as other corporate backers for libra are reportedly questioning their involvement in the project. PayPal said Friday it is withdrawing from the Libra Assocation, the nonprofit that will govern the currency. That followed reports that Visa and MasterCard are among other financial partners reconsidering their role due to government pushback, according to The Wall Street Journal. Facebook has touted the role of outside firms as a way to assuage lawmakers’ fears that Facebook could have unilateral power over the currency.

Garcia said PayPal’s withdrawal is “a clear indication that something’s amiss,” but said she had already been concerned that Facebook seemed to essentially be able to choose its founding partners.

“If I’m doing the inviting, then that’s controlling the entire agenda,” she said.

Facebook introduced its plans for libra as it faces a growing number of investigations on the federal and local level. Zuckerberg has not testified on Capitol Hill since last year in the wake of the Cambridge Analytica scandal. He recently returned to D.C. to meet with members of congress about impending internet regulation, but those meetings were all behind closed doors.

-CNBC’s Mary Catherine Wellons contributed to this report.

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WATCH: FB’s Marcus: There will be no special privilege for Facebook with Libra


Company: cnbc, Activity: cnbc, Date: 2019-10-04  Authors: lauren feiner
Keywords: news, cnbc, companies, sandberg, deputies, members, facebook, testify, appear, libra, house, testimony, push, cryptocurrency, committee, facebooks, plans, zuckerberg, waters


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