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Mark Zuckerberg Told UK Facebook Will Withdraw Investments Over 'Anti-Tech' Regulations

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Mark Zuckerberg Told UK Facebook Will Withdraw Investments Over 'Anti-Tech' Regulations

Facebook Inc (NASDAQ: FB) CEO Mark Zuckerberg threatened to withdraw investments of the social media behemoth in the United Kingdom, the Bureau of Investigative Journalism reported Monday.

What Happened: The disclosure is sourced from a 2018 meeting between Zuckerberg and the then U.K. secretary for digital, culture, media and sport Matt Hancock, according to BIJ.

Hancock is presently the Secretary for Health and Social Care in the U.K. government and had sought “increased dialogue” with Zuckerberg in his previous role.

Zuckerberg’s views relate to the then proposed legislation on internet safety and regulation. The executive spoke of an “anti-tech [U.K.] government” and make a jocular reference to the U.K. being one of the two countries he would not visit.

Why It Matters: The meeting between Hancock and Zuckerberg only took place after the latter was assured by British civil servants that it would be positive and he would not be asked to attend a parliament committee meeting, which he had skipped earlier, BIJ noted.

See Also: Facebook, Twitter CEOs Defend Their Election Actions To The Senate

Hancock offered the Facebook CEO a change of approach from the U.K. government “threatening regulation to encouraging collaborative working to ensure legislation is proportionate and innovation-friendly.”

The digital, culture, media, and sport select committee in the U.K. is examining the Menlo Park, California-based company’s role in the spread of anti-vaccine misinformation, as per BIJ.

The U.K government reportedly fought for two years to prevent the release of the minutes to BIJ.

In September, Facebook said the European Union’s data protection ruling could make its operations untenable on the continent.

Price Action: Facebook shares closed nearly 0.8% lower at $283.40 on Tuesday and gained 0.11% in the after-hours session.

 

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Posted-In: Mark Zuckerberg social media The Bureau Of Investigative Journalism United KingdomNews Events Tech Media Best of Benzinga

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