Policy change for Facebook

Market Trends - 17/06/2020

Yesterday Mark Zuckerberg the CEO of Facebook stated that the social network will provide users the tools to turn off political ads if they don't want to see them. Zuckerberg wrote, “For those of you who’ve already made up your minds and just want the election to be over, we hear you — so we’re also introducing the ability to turn off seeing political ads,”  “We’ll still remind you to vote.”

For many months, the social media giant has faced judgment concerning its policy that enables politicians to advertise political messages including inaccurate data on its services. The policy has been reviewed and criticized by activists and by the possible Democratic candidate Joe Biden.

Facebook competitor Twitter, in opposition, prohibited political advertisements back in October 2019.

Users will be able to turn off political, elective, and social-related ads from political campaigners, and “other organizations that have the ‘Paid for by’ political disclaimer on them,” according to Facebook as told to CNBC. Facebook will start working on this new tool and give it out to some users today, and it will enable it to all U.S. users in the following weeks, according to Facebook.

The company's plans are to extend the tool to additional countries where it has pressure on political advertisements this fall.

Mark Zuckerberg further stated that the company plans to support 4 million people registered to vote throughout a new Voting Information Center that the company established.

The Voting Information Center will be displayed at the head of Facebook’s News Feed and Instagram According to Zuckerberg.  The center will include information about how and when to vote, how to register, how to vote by mail, and how to vote early. “I believe Facebook has a responsibility not just to prevent voter suppression — which disproportionately targets people of color — but to actively support well-informed voter engagement, registration, and turnout,” he wrote.

The above content is considered to be market commentary information and shall not be perceived as independent investment research or investment advice.

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