"Because space in News Feed is limited, showing more posts from friends and family and updates that spark conversation means we'll show less public content".
He maintains his Outperform rating and $205 price target on FB stock, but he had important reminders about the lack of corporate governance at the company-something that would raise some serious flags if we were talking about nearly any other company besides Facebook.
Facebook surveyed "a diverse and representative sample of people using Facebook across the USA", according to a blog post from Facebook's head of News Feed Adam Mosseri. However, Facebook stock has yet to regain the heights it was at before the News Feed changes were announced.More news: YouTube Is Taking Down Those 'Dangerous' Tide Pod Challenge Videos
"There's too much sensationalism, misinformation and polarization in the world today", Zuckerberg said.
The quality of news on Facebook has been called into question after alleged Russian operatives, for-profit spammers and others spread false reports on the site, including during the 2016 U.S. election campaign. More specifically, it will come from "trusted" media sources that have been vetted by Facebook's community of users.
That led to concerns Facebook would be marginalizing mainstream news operations.
The company said it would ask its more than 2 billion users to rank the news organizations they trusted in order to prioritize "high-quality news" over less trusted sources.More news: Facebook expands probe into whether Russian spies swung Brexit vote
News outlets that score well can expect to see their stories to be more widely distributed on Facebook, while those with lower scores might see less activity. The company will start by tackling the trustworthiness aspect first.
So far, the new prioritization is only rolling out in the U.S.
The company made a decision to use community input to rank news sources in an attempt to be as objective as possible, Zuckerberg said. Updated 1:49 p.m. PT: Added background about false news efforts.
Facebook has been struggling with how to handle its distribution of news in an era of fake news and claims of media bias.More news: Morgan Stanley tops estimates on underwriting, wealth management
Facebook management said that time spent and engagement on the platform may go down in the short term, but it's still unclear what kind of financial impact the changes will have.
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