The provided text discusses a trial involving meta (formerly Facebook) investors who allege that former and current board members failed to oversee the company’s compliance with a 2012 FTC agreement.The investors claim that Mark Zuckerberg and Sheryl Sandberg knowingly ran Facebook as an illegal data harvesting operation.
Here’s a breakdown of the key points:
Key Figures Expected to Testify: Mark Zuckerberg and Sheryl Sandberg were expected to take the stand. Former board members Peter Thiel (Palantir Technologies) and reed Hastings (Netflix) were also expected to testify.
The Allegations: Investors claim that board members failed to oversee compliance with a 2012 FTC agreement. They specifically allege that Zuckerberg and Sandberg ran Facebook as an illegal data harvesting operation.
The Cambridge Analytica Scandal: The lawsuit is linked to revelations that data from millions of Facebook users was accessed by Cambridge Analytica, a firm that worked for Donald Trump’s 2016 presidential campaign.This scandal led to a record FTC fine at the time.
Expert Witness Testimony: An expert witness for the plaintiffs testified about “gaps and weaknesses” in Facebook’s privacy policies but did not definitively state whether the company violated the 2012 FTC agreement.
Former Board Member Testimony: Jeffrey Zients, a former board member, testified that the company did not accept the FTC fine to shield zuckerberg from legal liability, contrary to shareholder allegations.
Meta‘s Defense: Meta states it has invested billions in user privacy as 2019.
Zuckerberg’s Previous Testimony: The trial would have been a rare chance for investors to question Zuckerberg under oath.He was previously expected to testify in a 2017 lawsuit regarding a stock plan but that case was settled before he took the stand.
Critique of Facebook’s Narrative: A quote from “Kint” suggests that Facebook has successfully framed the Cambridge Analytica scandal as being about a few individuals rather than a fundamental issue with its business model of “surveillance capitalism” and data sharing.
