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Posted: 2018-03-22 04:30:53

Zuckerberg announced a suite of measures to deal with the fallout from the Cambridge Analytica scandal, including a full investigation and a tool that will let any user find out if their data was harvested.

He admitted that Facebook didn't do enough to stop fake news spreading, or to stop Russian interference on his platform during the 2016 US elections - the source of much anger towards his company right now.

Facebook chief executive Mark Zuckerberg

Facebook chief executive Mark Zuckerberg

Photo: Supplied

He effectively conceded that Facebook should be properly regulated, and said he would testify before Congress if summoned.

But Zuckerberg also indicated that Facebook doesn't really know whether similar efforts to destablise the platform are underway right now.

"I'm sure someone's trying, right?" he said in the CNN interview.

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Whatever steps Facebook takes from this point on - it will never fully resolve the platform's underlying problem: its entire business model is predicated upon extracting as much data out of users as possible.

People have been convinced to share extraordinary amounts of information about themselves (and their families) with a platform whose sole business is to let advertisers target people based on that information.

These users, which is almost all of us, need to ask themselves, what are we really getting in return?

Zuckerberg's moves at least seemed to have diffused the crisis of confidence toward Facebook among investors.  Its shares stemmed two days of sharp declines.

"Our main fear was that Zuckerberg would propose fundamental changes to the business, we are relatively relieved," Macquarie analysts wrote. 

Whether the admissions and mea culpa have done enough to soothe concerns of myriad regulators and politicians circling the company is much less clear.

"Even if you solve the problem going forward, there’s still this issue of: Are there other Cambridge Analyticas out there...? " Zuckerberg said in an interview with The New York Times released at the same time as the TV interview. 

You get the sense even he doesn't know the answer to that question, for sure.

John McDuling

John McDuling writes about business, technology and the economy. Previously he was a reporter for Quartz in New York, covered telecommunications and markets for the Financial Review, and worked in the finance industry.

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