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GSBS6008 Global Business Management

tag 0 Download 3 Pages / 622 Words tag 16-03-2021

Question

By 2017, Facebook had become the most successful social networking company in the world, ahead of the number two, Tencent of China. However, founder Mark Zuckerberg was keen to avoid the fate of Friendster and MySpace, two predecessors in the social networking space that grew and then suddenly died, and he wanted to return to China, where Facebook had been banned in 2009. After an IPO in May 2012 that valued the company at over $100 billion, the share price dropped by over 50% within months, but by March 2017, Facebook’s stock was once again in favour, supporting a $400 billion market capitalization. Nevertheless, Facebook was surrounded by controversy after it was accused of influencing the outcome of the November 2016 U.S. presidential election by promoting fake news stories. Zuckerberg argued that he was merely providing a platform for publishing news and could not be held accountable for content, despite threats to the U.S. democratic process. Critics pointed out that Facebook was building censorship tools to help its entry into China. What was its responsibility in the West? And who was going to enforce it?


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