The stock of Facebook, Inc (NASDAQ:FB) closed at $173.74 gaining 0.69% in yesterday’s trading session. Russia allegedly interfered in the previous US elections using Facebook ads. A section of the congressional lawmakers expressed their dissatisfaction with the supposed move and have since then launched investigations into the matter.
These lawmakers are also grilling some of the tech companies in a bid to find out the role they played towards supporting Russia’s move. They suspect that some of the companies played a part through spreading so-called “fake news”, propaganda and other sorts of information that these politicians investigating the matter do not approve of.
If all moves according to plan, some of these companies will have to adapt to some new set changes. For instance, changes might be implemented in regards to what the various ads by the companies are required to disclose.
Twitter Inc (NYSE:TWTR), Alphabet Inc (NASDAQ:GOOG) and Facebook have unveiled evidence pointing to the fact that indeed Russian operatives set up accounts and purchased ads on their sites during the election. In September, Facebook revealed that a Russian “troll farm” had proceeded to buy about $100,000 worth of advertising.
On the other hand, Google disclosed that quite a large number of ads had been purchased by Russian agents from YouTube and other sites. Twitter added that it had come across about 200 Russia-linked Twitter bots.
All the above tech giants have outlined that they will be conducting investigations into the matter. Facebook has strongly opposed the rumor that it actively helped Russian in its interference in the last election.
Federal Election Commission (FEC) recently received a letter from Democrats in the senate who were urging it to develop new guidelines for online political ads. The democrats needed the body to do all within its means to improve disclosure guidelines.
One of the lawmakers opined, “As we have seen, the low cost of reaching these users equips hostile foreign actors with a powerful new tool for disruption of our democratic process. The Commission needs to take immediate action to preserve the integrity of the election law.”
