Facebook has misled potential investors, whistleblower told the SEC


Facebook has misled investors by growing its audience and concealing the age-old decline of young users in the US, says Frances Haugen, a trumpet writer, to complain to the US Securities and Exchange Commission.

The scientist, who worked on Facebook until May, will appear in front of US cinemas in Washington in the second case on Tuesday after a series of frustrating CBS questions 60 minutes and Wall Street Journal, is covering Facebook over its biggest problems for years.

He plans to advise lawmakers on how to better manage the media, comparing them to tobacco companies that hide the dangers of smoking, opioid manufacturers, and car manufacturers before marriage, according to his writing.

“Once we found out that the tobacco companies were hiding the harm they caused, the government took action,” he said in a statement issued before the trial.

Social networking sites have also encountered a significant decrease On Monday, all its platforms, including WhatsApp and Instagram, will be offline for hours.

It has recently been reported that Facebook “disrupted” its metrics “to reach and frequently” is one of eight complaints Haugen filed with the SEC, which were the first of its kind. reported by CBS News.

The decline in young Facebook users continued even during the coronavirus epidemic, as TV media activity increased. “During the Covid era, all groups using Facebook increased in number, with the exception of 23 to less, which continued to decline,” the complaint said.

Haugen, a former Facebook sales manager.

Haugen’s lawyers cite corporate documents that took place several years ago to support whistleblower’s alleged “fraud and misrepresentation” of investors, in addition to SEC filters and evidence in the US Congress.

In letters to the SEC affiliated with Whistleblower Aid, a non-profit organization known to represent Haugen, Facebook was also accused of failing to act excessively, hate speech, human trafficking and racial violence on its programs, including Instagram.

A complaint about Facebook access said “for many years, Facebook has been a testament to the lies of investors and advertisers combined with the mass production of its platform and the growth of individual users”, especially in “population growth” such as young Americans.

“By sending more ads to users that advertisers do not want to pay for, Facebook filled the advertisers on a large scale,” the complaint said.

Haugen’s legal team cited Facebook’s internal reports showing that 15 new accounts created by young people are secondary or Duplicates. Facebook use among young people between the ages of 18 and 24 “continues to decline”, according to a report in the SEC filter, where teens “spend less time, spend less and send fewer messages” on the internet.

Jason Kint, chief executive of Digital Content Next, a commercial organization representing online publishers, as well as a constant critic of Facebook, said and tweets that the allegations were “deadly” and “extremely painful”.

Facebook already knows a class-related case in California on the assumption that the estimates of those who can declare “what they can do” also include false and fake accounts. Earlier this year, court documents revealed that Carolyn Everson, one of Facebook’s top advertising executives, he warned his companions “worst planning” on what he is saying. Everson resigned from Facebook in June.

Facebook has previously stated that comparisons that can be made are a “planning tool” and will not be the basis for the advertiser’s appeal.

The company did not immediately respond to a request for comment on whistleblower SEC complaints. Facebook has listed all the cases that Haugen accuses of being “misleading”.

“Protecting our community is more important than increasing our profits,” Lena Pietsch, head of communications at Facebook, said in a statement following Sunday. 60 minutes broadcast.



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