Rapid Fire News: FB’s right-wing algo, Tether, giving Cuba internet, Powell on stable coins | E1247

TL;DR

Facebook turns off CrowdTangle analytics tool, New York Times and White House express frustration over Facebook's handling of vaccine misinformation and data transparency.

Transcript

okay we got a huge news day for you facebook is turning off crowd tangle a service which lets you see which stories are trending and most engaged on facebook and the new york times has inserted themselves and made themselves part of this story the white house is very frustrated with facebook over vaccine information which they claim is coming from ... Read More

Key Insights

• 🤨 Facebook's decision to shut down CrowdTangle raises questions about data transparency and potential biases in post engagement data.
• 💪 The New York Times and the White House have concerns about Facebook's handling of vaccine misinformation, highlighting the need for stronger measures.
• 🔉 The support for creators is becoming a competitive trend among social media platforms, with Facebook joining others in investing significant funds in this area.
• 🤨 The Tether investigation continues to raise concerns about stable coins and their lack of regulation.

Questions & Answers

Q: What is the main issue with CrowdTangle that led to Facebook turning it off?

The New York Times highlighted that CrowdTangle's data transparency favored right-leaning posts and news publishers, leading to criticism of Facebook's handling of post engagement data.

Q: Why is the White House frustrated with Facebook?

The White House claims that Facebook is not doing enough to combat vaccine misinformation, attributing most of it to just 12 sources on the platform. They plan to take action against these sources.

Q: How does Facebook plan to support content creators?

Facebook aims to dedicate a billion dollars to support and invest in content creators, following the trend set by other platforms like YouTube, TikTok, and Snapchat.

Q: What is the concern regarding stable coins?

The U.S. Federal Reserve chair and others express the need for regulation of stable coins, as they present risks without the same level of regulatory framework and oversight as traditional financial assets.

Summary & Key Takeaways

• Facebook is shutting down CrowdTangle, a service that tracks trending and engaged stories on the platform.

• The New York Times criticizes Facebook for skewed data transparency, particularly in favor of right-leaning posts and news publishers.

• The White House expresses frustration with Facebook over vaccine misinformation and plans to take action against sources of such content.

• Facebook plans to dedicate a billion dollars to creators, following the trend of other platforms in investing in content creators.

• The Tether investigation continues, with the chief technology officer criticizing a podcast as a "clown show," while stable coins face calls for regulation.

• The U.S. Federal Reserve chair emphasizes the need for regulation and a report on central bank digital currency (CBDC) and stable coins.