Meta, TikTok and More Sites Engaged in ‘Vast Surveillance,’ a New FTC Study Finds
Published On Sep 19, 2024, 9:00 AM
The Federal Trade Commission (FTC) released a report indicating that major social media platforms, including Meta and YouTube, are engaged in extensive data collection practices, which they describe as 'vast surveillance.' The study, which took nearly four years to complete, found that these companies often fail to protect users' privacy, particularly minors. As a result of this data collection, the platforms have developed targeted advertising that profits from users' personal information. The report advocates for stronger federal privacy regulations and criticizes the failure of self-regulation among these tech giants.
Stock Forecasts
META
Negative
Given the FTC's findings, scrutiny on these companies is likely to increase, potentially leading to regulatory actions that could impact their business operations negatively. This could result in declines in revenues as companies may have to change their data collection practices or face fines.
GOOGL
Negative
YouTube's parent company, Alphabet Inc., might face similar challenges due to increased regulatory scrutiny; this could affect their digital advertising revenue base adversely.
BDN
Negative
As TikTok is also mentioned in the FTC report, scrutiny on it could similarly intensify, leading to potential user trust issues which may impact user engagement and revenue.
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