In This Article:
Big Tech CEOs spoke to lawmakers Wednesday to address safety concerns for children and teenage users on social media platforms. Meta (META) CEO Mark Zuckerberg even apologized to families before the Senate Judiciary Board.
Wall Street Journal Tech Reporter Jeff Horwitz joins Yahoo Finance Live to discuss the hearings, noting regulation of social media has been "very limited" so far.
Horwitz said there's "a consensus" on the need for platforms to invest more and "be more thoughtful in their feature designs" to improve protections. However, he questioned whether the current Congress is "well-suited to this field of regulation" given the number of older membership.
Horwitz highlighted Meta research revealing "known" and "foreseeable" mental health risks from using their platforms under "certain circumstances."
For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Editor's note: This article was written by Angel Smith
Video Transcript
JOSH LIPTON: Social media CEOs on the hot seat on Capitol Hill today. Lawmakers taking aim at them and their companies over the dangers they pose to children.
MARK ZUCKERBERG: Senator, our job and what we take seriously is making sure that we build industry-leading tools, find harmful--
JOSH HAWLEY: To make money.
MARK ZUCKERBERG: --take it off the services--
JOSH HAWLEY: Oh, to make money.
MARK ZUCKERBERG: --and to build tools that empower parents--
JOSH HAWLEY: So you didn't take any action, you didn't take any action. You didn't fire anybody. You haven't compensated a single victim. Let me ask you this, let me ask you this. There's families of victims here today. Have you apologized to the victims?
MARK ZUCKERBERG: I--
JOSH HAWLEY: Would like to do so now?
MARK ZUCKERBERG: Well--
JOSH HAWLEY: They're here. You're on national television. Would you like now to apologize to the victims who have been harmed by your product? Show them the pictures. Would you like to apologize for what you've done to these good people?
JOSH LIPTON: Meta's Mark Zuckerberg apologizing to families of victims at a Senate Judiciary Committee today on safety and social media. Zuckerberg was among the tech execs facing questioning from lawmakers over allegations of abuse on sites like Instagram, TikTok, and X.
Joining us now, Jeff Horowitz, Wall Street Journal technology reporter. Jeff, it's good to have you on the show. Maybe just to start, Jeff, give me your take on what we saw on Capitol Hill today. What did you learn, Jeff?
JEFF HORWITZ: I think we have-- like, right now, there is a push to get child safety legislation through. Obviously, the history of regulating social media companies out of Washington has been, shall we say, very limited as the senators themselves observed. And look, there's certainly some dramatic moments, and I think there's no question that people on both sides of the aisle are very angry with the company.