Although Facebook has been run by its founder Mark Zuckerberg for many years, the young entrepreneur is believed to be looking for a new leader to take up the mantle.
Due to the alleged privacy violations and fake news regarding Facebook in 2016, the company now faces a lot of backlash from users.
The business model of Facebook in part takes data from users and forwards it to marketing and advertising companies so these companies can more effectively target their ads. This aspect of the social media giant’s business model was seen to be quite controversial because of potential invasion of privacy issues. Facebook is not alone in doing this; the practice is widespread.
In October a number of public funds wanting Zuckerburg replaced as chairman cited a number of other controversies the company has weathered under his leadership:
– Russia meddling in U.S. elections on Facebook
– The sharing personal data of 87 million users that later found its way to Cambridge Analytica
– Data-sharing with device manufacturers, including Huawei, which U.S. intelligence has identified (with little public evidence) as a threat to national security
– The proliferation of fake news on its platform
– The propagation of posts on its platform that fueled violence in Myanmar, India, and South Sudan
– Depression and other mental health issues, including stress and addiction, that may result from using Facebook
– Allowing advertisers to exclude black, Hispanic, and other ethnic affinities from seeing ads
The controversies were listed in a joint statement issued by the funds.
Under pressure from the funds, Congress and the media, Zuckerberg is believed to be looking for a new chairperson better-equipped to manage the corporate and financial aspects of the business.
One of the people he is believed to be considering is his mentor Bill Gates, co-founder of Microsoft.