Meta Platforms Inc. (META)

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Nasdaq 100

$ 504.22
   
  • Change Today:
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  • 52 Week High: $527.34
  • 52 Week Low: $283.25
  • Currency: US Dollars
  • Shares Issued: 2,211.00m
  • Volume: 156,207
  • Market Cap: $1,114,830m

Facebook lobbies for data portability law ahead of FTC hearing

By Caoimhe Toman

Date: Friday 21 Aug 2020

LONDON (ShareCast) - (Sharecast News) - Facebook on Friday pushed for legislation that makes it easier for users to transfer photos and videos to a rival tech platform.
The data portability law was sent to the Federal Trade Commision ahead of a hearing on the issue on 22 September.

Data portability could be useful for small rivals of the big tech companies to get started, as companies such as Facebook and Twitter now hold control of most social media material.

In April, Facebook allowed users in the United States and Canada to transfer photos and videos to Alphabet-owned Google Photos for the first time - just as US regulators and lawmakers, were investigating its competitive practices and allegations it has stifled competition.

"The FTC often issues reports following these workshops ... I think their recommendations should include dedicated portability legislation," Bijan Madhani, privacy and public policy manager at Facebook told Reuters.

The bill is a good first step, Madhani said. Facebook engaged with the lawmakers on it and will continue working with them, he added.

Facebook is also seeking regulatory guidance, in the form of an independent body or regulator, Madhani said.

Facebook also wants clarity on what data could be portable and who is responsible for the safeguard of that data as it is moved from one service to the other.

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META Market Data

Currency US Dollars
Share Price $ 504.22
Change Today $ 0.00
% Change 0.00 %
52 Week High $527.34
52 Week Low $283.25
Volume 156,207
Shares Issued 2,211.00m
Market Cap $1,114,830m

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