Question

In at least 100 words answer the following questions on how Facebook is changing the internet:

How do you think that Facebook should balance its responsibilities to its shareholders - to maximize profits - with its responsibilities to its other stakeholders (e.g., its users, and the citizens of the countries in which it operates)? For instance, Facebook makes more money when controversial content is posted, but what if that content is "fake news"?  Does Facebook have any responsibility for ensuring that user postings are accurate, truthful, and not misleading? Or is it "reader beware" - up to the reader to verify that the information that they are receiving is accurate and true?

Answer 1

I think when Facebook takes care of its social responsibilities towards its stakeholders (users, citizens, etc.), it will gain more credibility as a business organization and will earn a higher profit. In this age of consumer activism, credibility is a very important component for the success of firms. Facebook definitely has a responsibility to ensure that postings are not misleading. It is not definitely just up to the reader to ensure what they are receiving is accurate. Facebook is earning billions of dollars from such postings and it must give the society back in terms of being a responsible business organization. Also, social responsibility makes immense business sense for Facebook. When Facebook take actions to address fake news, rumors, etc. it becomes a more trustworthy platform for users. This will create the better user experience, which will turn into more profitability for the firm.