Facebook announced Friday it will ask its two billion users to rank their trust in news sources, in its latest attempt to combat the spread of misinformation on the social network. Many people reasonably interpreted that statement to mean they would see less news shared by publishers in their feed.
He maintains his Outperform rating and $205 price target on FB stock, but he had important reminders about the lack of corporate governance at the company-something that would raise some serious flags if we were talking about nearly any other company besides Facebook.
Facebook wasn't the only one putting time and money into getting news onto their network, media outlets spent millions chasing after coveted eyeballs by tailoring content and publishing directly to the "news" feed. Facebook joined Twitter and Google in front of Congress late previous year to answer tough questions on how the network was used to spread misinformation during the 2016 US presidential election.
Zuckerberg says that there is too much misinformation and sensationalism and that if it isn't addressed, social media like Facebook will inflate these problems.
For others like Surabaya-based Aneka Kartika Tours, for which social media is not a main communication tool, any changes to Facebook's algorithms will have minimal impacts on its customer outreach strategy, said director of operations Adjie Wahjono.
These changes will not affect the news users see, but rather the quality to provide "trusted sources". "Publications that do not score highly as trusted by the community may see a decrease", the blog post reads.
Facebook said it did not plan to release the survey results because they will represent an incomplete picture of how a story's position in a person's feed is determined.
Starting Monday, the company will roll out more surveys to more users, asking them to share their thoughts on various media sources. Ultimately, Zuckerberg said, this will help the company determine what's a broadly trustworthy source and what isn't. The move seems geared toward helping Facebook avoid perceptions of bias in selecting which news providers to highlight.
He also announced that Facebook would shrink the content on its News Feed from 5 percent to 4 percent.
How Facebook will navigate this is unclear.