Update: Facebook released a statement on Monday afternoon: “We take allegations of bias very seriously. Facebook is a platform for people and perspectives from across the political spectrum.”
Facebook workers "routinely suppressed news stories of interest to conservative readers," reports Gizmodo, regarding the "trending" topics that are inserted in readers' feeds. This was apparently an issue of individuals working on their own initiative rather than the result of corporate policy, but they were directed to squelch news about Facebook itself and to manually inject "missing" stories into the trending topics.
These new allegations emerged after Gizmodo last week revealed details about the inner workings of Facebook’s trending news team—a small group of young journalists, primarily educated at Ivy League or private East Coast universities, who curate the “trending” module on the upper-right-hand corner of the site. As we reported last week, curators have access to a ranked list of trending topics surfaced by Facebook’s algorithm, which prioritizes the stories that should be shown to Facebook users in the trending section. The curators write headlines and summaries of each topic, and include links to news sites. The section, which launched in 2014, constitutes some of the most powerful real estate on the internet and helps dictate what news Facebook’s users—167 million in the US alone—are reading at any given moment.
In short, Facebook's "trending" stuff comes out of a newsroom-like culture, with editorial direction and values. Which would be fine, except for the fact that Facebook claims that its trending topics are an organic or algorithmic representation of user interests and activities. Read the rest
Twitter claims a 90 percent accuracy rate for the clever techniques it uses to learn the gender of any given user. Glenn Fleishman reports on the company's disconcerting new analytics tools, the research behind them, and how large a pinch of salt they come with.
Facebook Inc. CEO Mark Zuckerberg is seen on a screen televised from their headquarters in Menlo Park moments after their IPO launch in New York. (REUTERS)
Shares of Facebook (FB) opened at $42.05 on today, up about 11 percent from the IPO price of $38. At this valuation, the company is worth around $115 billion. But shortly after the open, despite all the bubblicious hype leading up to FB's debut: share price dropped. At the time of this blog post, the price is hovering around $38.
The WSJ reports that trading volume was more than 375 million in first three hours of listing, more than 6.5% of total market volume. Trade volume is expected to set a new record in trading volume on IPO day.
STOCKENFREUDE (n): That feeling you get, as someone who loathes Facebook, seeing FB shares crap out on IPO day.
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Facebook announced today that the social network's 161 million members in the United States will be encouraged to begin displaying "organ donor status" on their pages, along with birth dates and schools. Some 7,000 people die every year in America while waiting for an organ transplant, and the idea here, according to this New York Times story
, is to "create peer pressure to nudge more people to add their names to the rolls of registered donors." Absolutely nothing could go wrong. (via John Schwartz) Read the rest