Mark Zuckerberg was grilled by Congress in his 2nd day of testimony

BI Intelligence

BI Intelligence

The company also said the data was never used as part of the firm's work with the Trump campaign. We're still rating Facebook as a wide-moat and valuing it at $198 per share. Facebook stock rose 1.5 percent Wednesday.

Rep. Debbie Dingell, D-Michigan, launched one of the most withering attacks on Zuckerberg.

"We didn't take a broad enough view of our responsibility, and that was a big mistake", Zuckerberg said. On Tuesday, 84-year old Senator Orrin Hatch, R-Utah, who had been a senator for almost eight years when Zuckerberg was born, asked how Facebook's business model works given that it is free. If we're being real, not many of us read through exactly what's being shared as we rush to log in to the mobile version of PlayerUnknown's Battleground using Facebook. Meaning if you don't take action, or are confused by the prompt, you'll give up data you don't want to. He also could not answer how many data points Facebook collects on the average user - or non-user.

Chairman of the House Energy and Commerce Committee, Greg Walden, told reporters he would talk with committee members about holding similar hearings with other technology chief executives.

After explaining it, Luján confronted Zuckerberg about his statement that all users control their data when internet users whose data has been collected by Facebook through shadow tracking in fact have few ways to do so.

■ Walden pressed Zuckerberg on whether Facebook is a media company or a financial institution, categories that have traditionally faced federal regulation.

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"The internet is growing in importance around the world. But I think we try to move as quickly as possible, and I can follow up or have my team follow up".

Zuckerberg also addressed the issue of Facebook's competition.

However, several of the politicians urged Facebook to be more proactive about the matter.

The Cambridge Analytica scandal in which personal data of over 87 million Facebook users, including 500,000 Indians, was compromised, has not hit the social media platform in a significant way in terms of people deactivating their accounts.

The scope of Facebook's data gathering operation was a cause of concern for a number of other lawmakers, as well. "Zuckerberg said "no, [he] would probably not choose to do that publicly here".

"In general we collect data on people who have not signed up for Facebook for security purposes to prevent the kind of scraping you were just referring to", he said.

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Facebook shares added value after earlier falls on Wednesday, posting their biggest daily gain in almost two years on Tuesday as Mr Zuckerberg managed to deter any specific discussion about new regulations that might hamper Facebook's ability to sell adverts tailored to users' profiles.

Zuckerberg, 33, appeared confident and answered questions directly, and his performance helped bolster Facebook's stock, which ended the day up 4.5 per cent.

Forget yesterday's news. Get what you need today in this early-morning email. The company has always been accused of creating these "shadow profiles".

Sales pitch: North Dakota Republican representative Kevin Cramer made a not-so-subtle push for Facebook to set up shop in his home state and hire content reviewers in Bismarck, North Dakota, where "people might be more diverse than Facebook".

Zuckerberg offered no comment on the change. Zuckerberg answered that he absolutely would.

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