Former Obama Adviser: Big Tech and the Government Aren't Doing Enough
*By Madison Alworth*
Irish regulators have officially launched an investigation into Facebook's latest data breach ー one which could affect 50 million user accounts and is thought to be the single biggest hack of the company's network yet.
The country's Data Protection Commission will now decide whether to fine the social media giant, a penalty that could amount to as much as $1.63 billion.
For Dipayan Ghosh, a former adviser to President Obama and an ex-privacy policy exec at Facebook ($FB) itself, it's a move that should be emulated by U.S. authorities too.
"We do need the U.S. to be bringing forth these regulations for the digital age, because if we leave it to our international competitors, to jurisdictions outside of the United States, it's likely that they will set rules for Silicon Valley, which is an American industry, in a ways that is actually in their interest," Ghosh said in an interview with Cheddar this week.
Ghosh, currently a Pozen Fellow at Shorenstein Center on Media, Politics, and Public Policy at the Harvard Kennedy School, recently published a report titled, ["Digital Deceit: A Policy Agenda to Fight Disinformation on the Internet"](https://www.newamerica.org/public-interest-technology/reports/digital-deceit-ii/executive-summary/?mod=article_inline), in which he argued that tech companies are not only unequipped to properly regulate their content and users’ data, but they’re largely unwilling to do so.
"I think it's long and gone for the industry to take voluntary measures to move by itself and do something for the little guy, for the individual, for the consumer, for the voter," he said. "We have seen the industry have lots of opportunities to do that in the past, and it simply has not taken the right steps to protect the public interest."
Ghosh noted that big tech has been operating much like the Wild West, but U.S. lawmakers are getting wise, and the race to set regulation is on.
But the data breach is only one problem facing the company. News of the hack came only days after the departure of Instagram co-founders [Kevin Systrom and Mike Krieger](https://cheddar.com/videos/instagram-co-founders-call-it-quits) from Facebook. Their exit signals a larger issue at the social media giant — and the timing is significant.
"For its founders to leave after a few years is incredible news. We imagine Facebook as a fantastic, huge technological force and innovative organization," Ghosh said. "And for these two key individuals to be leaving the company at this stage is pretty incredible. It suggests that they want to strike out new and find new opportunities for innovation."
Facebook has been struggling with one bad headline after another for months ー from the Cambridge Analytica scandal, to questionable ad targeting, to misuse of its platform around election. The stock had been able to withstand most of that until this summer. Since its last earnings report in July, shares have lost a full quarter of their value.
For full interview [click here](https://cheddar.com/videos/big-tech-has-big-problems).
Analysts are all-in on tech giant Apple, issuing bullish ratings this week and calling it a 'safety blanket' and one of the best assets for investors in 2022. This comes as Apple edges closer to a $3 trillion market cap. Mario Stefanidis, Vice President at Roundhill Investments, joins Cheddar News' Closing Bell to discuss why analysts are bullish on the tech giant, how close the company is to hitting a $3 trillion market cap, and more.
Planet made its public debut on December 8, ringing the opening bell at the NYSE in honor of the occasion. With more than 200 satellites in orbit, the company operates the world's largest constellation of satellites, providing daily scans of the entire earth. This helps with everything from agriculture companies monitoring fields and crop health, to FEMA's disaster response, to marine protection programs. Will Marshall, co-founder and CEO of Planet, explains how this milestone will allow the company fulfill its mission of using space to help life here on Earth.
North Carolina is transitioning into an electric vehicle manufacturing hub, as Toyota plans to build its first North American lithium-ion battery plant. Machelle Baker Sanders, secretary of commerce for North Carolina, joined Cheddar to discuss the influx of tech-heavy businesses and what Toyota's 1,750 jobs mean for North Carolina's economy. Sanders said the carmaking giant's $1.29 billion project was contingent on it committing to align with the state's own climate goals for a greener future.
Just weeks after launching its IPO, Embark Trucks is looking to take trucking to the next level by establishing an autonomous truck lane between Houston and San Antonio, Texas. CEO Alex Rodrigues joined Cheddar's "Closing Bell" to talk about the company's expansion into the Lone Star State and the efforts taken to make the driverless vehicles safe for the shipping corridor. "I think the biggest thing you'll notice as a person driving on the road is that they're going to be a little bit more patient, a little bit more law-abiding because they don't have to get there under the same kind of time pressure," he said. "They don't have the hours of service limitations." He also explained that the lane itself isn't a segregated road but a digital route on an existing roadway for the vehicles to follow.
As the saying goes, one man's trash is another man's treasure. That's exactly what artist David Anasagasti, also known as Ahol Sniffs Glue, was thinking when he created his scavenger hunt during Art Basel. Nearly 100 winners who followed the clues were able to get their piece of art signed, plus an NFT minted artwork. Artist Ahol Sniffs Glue joins Cheddar News to discuss the event and his exhibit.
Instagram CEO Adam Mosseri faced a bipartisan Congressional grilling this week as the Senate inquired about safety practices for protecting the mental wellbeing of young people on the platform. Sen. Marsha Blackburn (R-Tenn.) joined Cheddar to talk about the hearing and how she was disappointed in Instagram coming unprepared with relevant information or documents. Blackburn also offered concern that the platform could continue with building a kids-only version despite having drawn significant opposition from the public.
If you were wondering what the most popular trends on Google were after a rollercoaster 2021, the search giant has released its annual trending list. Sports, politics, and "Squid Game" dominated the U.S. and global trends this year.
Ford Pro has teamed up with Salesforce to launch 'VIIZR.' a new software service designed to help small businesses and tradespeople succeed. The newly launched tool will help small businesses simplify commercial activities including invoicing, scheduling and managing requests, from one integrated, cloud-based platform. Ted Cannis, CEO, Ford Pro, joined Cheddar to discuss.
a new study by The Buy Safe America Coalition shows retail theft has ballooned to over $68 billion per year. Most of these thefts are the result of something called organized retail crime. Those stolen goods are resold to unsuspecting consumers, often on popular online marketplaces like Facebook marketplace, eBay, OfferUp, and letgo. Mike Combs, Director of Organized Retail Crime Investigations at The Home Depot, joined Cheddar to discuss organized retail crime, how to identify it, and what can be done to stop it.
Online broker TradeStation Group has landed on Wall Street. The company went public via SPAC deal, valuing the combined venture at $1.4 billion. John Bartleman , President & CEO TradeStation Group, Inc. joined Cheddar's Opening Bell to discuss.
