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Facebook, Inc (NASDAQ:FB) is looking to warm up to the incoming Biden administration in a bid to fend the threat of heavy regulations or a break-up during President-elect Joe Biden's term in office, the Financial Times reports.
What Happened: The Mark Zuckerberg-led social media giant is reportedly planning a series of initiatives that align with Biden's top priorities.
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Facebook intends to combat misinformation around the coronavirus pandemic and publish banner advertisements encouraging users to take an approved vaccine, as per FT. It also plans to promote climate change actions by including new stickers and buttons and sharing information about the Paris climate agreement, which Biden has promised to re-join.
The move comes as Democrats express anger about Facebook's alleged lackluster efforts to prevent disinformation. In a series of tweets after the election, Biden's Deputy Communications Director Bill Russo had accused Facebook of failing to take substantial measures to contain misinformation. "If you thought disinformation on Facebook was a problem during our election, just wait until you see how it is shredding the fabric of our democracy in the days after," Russo said.
Facebook hopes that its vice-president of global affairs, Sir Nick Clegg, will help mend relations with the incoming administration. Clegg is a former British deputy prime minister, who struck a rapport with Biden when both were in office a decade ago.
Biden has also publically urged Facebook to crack down on misinformation and amend its decision not to fact-check political advertising.
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Brian Rice, public policy director at Facebook, told FT that Facebook has operated under both administrations and found opportunities to work together.
Why It Matters: Congress's efforts to regulate social media and repeal or amend the provision of Section 230, which protects the social media giants from liability of what content users post on platforms, is something favored by both Republicans and Democrats.
Repeal or changes in the act will force social media companies to amend their business model, impacting their earnings or curbing dominance.
One of Biden's essential decisions in his term will be to throw weight on actions around Section 230.
As per Reuters, Facebook and Twitter Inc (NYSE:TWTR) will be transferring the official account of the President of the United States to the Biden administration on Jan. 20 to support a smooth transition.
Price Action: Facebook shares are up 0.61% to $271.34 in the pre-market session on the last check Monday.
Image Courtesy: Wikimedia
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.