International News on Big Tech, Data, Laws, and Regulations
Readers will have seen the recent embarrassment of Facebook (or should it be called Meta now?) at both the US Senate and UK Parliament where a whistleblower, Frances Haugen, has accused the social media giant of ignoring the safety of its users in favour of profit. FB’s pretax profits for Q3, 2021 were reported the other day at over $9bn (just for comparison the world’s largest bank, HSBC, unveiled pretax profits in Q3 of $5.4bn).
The UK Parliamentary investigation has also uncovered that Google offered the UK’s Financial Conduct Authority (FCA) £2.2m in free credits to advertise anti-fraud services and consumer protection advice. An idea for SA and other African countries to copy maybe?
Meanwhile, the Nigerian government is reviewing its ban on Twitter, which according to some estimates lost Nigeria N230.77 billion in just 106 days (or N2.17bn each day). In addition, by using VPN many Nigerians were able to continue to use Twitter. However, the effect on ecommerce has been felt by many SMEs in the country.
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