Facebook, Inc.’s (NASDAQ:FB) Operations Chief Sheryl Sandberg has indicated that the company needed to win back public trust following the series of scandals it has faced over violation of users’ privacy.
Securing the platform
Sandberg indicated during an interview with Die Zeit a German newspaper and CMS law firm that Facebook had dedicated billions of dollars each year to ensure that the security of the network has improved. She was speaking during 2019 World Economic Forum in Davos Switzerland.
The Operations Chief said that they had not anticipated all the risks that result from connecting a lot of people and she indicated that the social media giant had added security and privacy features that make use people have control over their information.
User privacy concerns
Facebook has been one of the best tech companies in Silicon Valley. However, its shares have significantly dropped since July by 33% to $144 following user privacy concerns. Last year the company was stricken by revelations that Cambridge analytical had illegally acquired data of millions of U.S users to target the 2016 election advertising.
Sandberg said that the company needed to earn back its trust. Following the series of scandals, the company faced some major shareholders even called for CEO Zuckerberg to step down as Facebook chairman. The operation chief said that Zuckerberg should continue in his role as CEO and Chair and she also added that she is planning to remain at Facebook where she has worked for over ten years.
Facebook not ready to change the business model
Facebook has no plans to of changing their business model and start charging its users subscription fee. Sandberg stated that if they did that rather than relying on advertising revenue, they would have very few people using Facebook. She indicates that disallowing Facebook’s business module would likely harm a lot of people across the globe.
She also asserted that the grassroots women’s movement prompted by the “Lean In” publication was strong and still going. She, however, said that she does not have plans of considering the U.S. presidency in2020 as that was not part of her agenda.