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Facebook CEO may have known of questionable privacy practices - WSJ

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06/12/2019 | 03:16pm EDT
Facebook logo is reflected in glasses in this picture illustration

(Reuters) - Facebook Inc emails appear to show Chief Executive Officer Mark Zuckerberg's involvement in discussions about its much criticized privacy practices, the Wall Street Journal reported on Wednesday, citing people familiar with the matter.

The newspaper said reporters had not seen the emails and relied on unnamed people. The report said the communications "appear to show Chief Executive Mark Zuckerberg’s connection to potentially problematic privacy practices at the company". Shares of the Menlo Park, California-based company were down 1.8% at $174.9 in early afternoon trading.

The emails have raised concerns within the company that they could be a public relations problem, at least, for Facebook, the WSJ reported, citing one of the people familiar with the matter.

The Federal Trade Commission (FTC) has been investigating allegations that Facebook inappropriately shared information belonging to 87 million users with the now-defunct British political consulting firm Cambridge Analytica.

The FTC and the Department of Justice, which enforce antitrust laws in the United States, are also gearing up to investigate whether tech giants Amazon.com Inc, Apple Inc, Facebook and Alphabet's Google misuse their massive market power.

The company's move to reach a speedy settlement of the FTC investigation is in part because of the emails, according to the WSJ report. The Journal said it could not determine what emails the FTC has requested and how many of them relate to Zuckerberg.

Facebook said it has fully cooperated with the FTC investigation till date and provided tens of thousands of documents, emails and files.

"Facebook and its executives, including Mark, at all times strive to comply with all applicable law, and at no point did Mark or any other Facebook employee knowingly violate the company’s obligations under the FTC consent order," a company spokesman said in an email.

The company has previously said it is preparing to pay as much as $5 billion in a settlement with U.S. regulators.

The WSJ report said it could not be determined whether any of the emails reveal practices that violated the 2012 agreement https://www.reuters.com/article/us-ftc-facebook-privacy-idUSBRE8790QJ20120810 with the FTC to safeguard user privacy.

(Reporting by Sayanti Chakraborty in Bengaluru; Editing by Maju Samuel)

Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET 1.04% 1105.24 Delayed Quote.3.96%
AMAZON.COM 0.81% 1901.37 Delayed Quote.24.48%
APPLE 2.35% 198.45 Delayed Quote.22.92%
FACEBOOK -0.29% 188.47 Delayed Quote.44.18%
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Financials ($)
Sales 2019 257 B
EBIT 2019 62 546 M
Net income 2019 53 346 M
Finance 2019 97 442 M
Yield 2019 1,57%
P/E ratio 2019 16,64
P/E ratio 2020 15,00
EV / Sales 2019 3,02x
EV / Sales 2020 2,94x
Capitalization 875 B
Duration : Period :
Apple Technical Analysis Chart | MarketScreener
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Technical analysis trends APPLE
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 41
Average target price 211 $
Spread / Average Target 11%
EPS Revisions
Timothy Donald Cook Chief Executive Officer & Director
Arthur D. Levinson Chairman
Jeffrey E. Williams Chief Operating Officer
Luca Maestri Chief Financial Officer & Senior Vice President
Kevin M. Lynch Vice President-Technology
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