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Sheryl Sandberg: Facebook must earn back users trust

Sheryl Sandberg, Facebook’s Chief Operating Officer (COO) said on Wednesday that the world’s largest social network now has to win back public trust. Sheryl issued these remarks after Facebook’s recent scandals for violating its users’ privacy.

In an interview hosted by German newspaper Die Zeit and UK law firm CMS at the World Economic Forum in Davos, Switzerland, Sandberg said.

The social media platform is investing billions of dollars a year to improve the security of its network

“We did not anticipate all of the risks from connecting so many people,” Sandberg

Recently, Facebook shares have fallen roughly 33 percent since July to $144 due to concerns about user privacy and many people across the world are quitting the social network.

Last year around May, the company received the biggest criticism when UK consultancy Cambridge Analytica had improperly acquired data on millions of its U.S. The data was allegedly used to target election advertising.

“We need to earn back trust,” Sandberg said.

Some of Facebook’s major shareholders have also called for Zuckerberg resignation from the post as chairman.

Sandberg cleared that Mark should remain both chair and CEO.

“I think I have a job to do,” she said. “It’s a job I really want to do.”

Speaking about charging the world’s largest social media network Sandberg said,  if Facebook had to change its business model and begins to charge users a subscription fee, very few people would be able to use it.

“Fundamentally disallowing our business model would harm a lot of people all over the world.”

Via: CNBC