After 10 hours of what the general public labelled as a grilling of sorts by the US senate, Mark Zuckerberg, the founder of Facebook appears victorious. The man who founded Facebook from a dormitory in Harvard has little to lose and more to gain.
The Senate posed some hard-hitting and scathing questions, but Zuckerberg deftly ducked all the questions merely showing his ignorance.
According to Reuters , Zuckerberg's testimony went so well with the markets that shares soared a best intra-day gain in two years.
Shares of Facebook on Nasdaq had traded to a 1% high during Wednesday's session. Half an hour before the end of trading, shares were quoting a price of $168. Surprisingly, the last best outing for Facebook on the markets was cracked during April 2016.
Tuesday, the first day of hearing saw Facebook shares record a 4.5% intraday gain.
On the personal front, the rise in stock price resulted in a gain for the Facebook CEO. Saying "I am Sorry", and feigning ignorance made Zuckerberg richer by $3 billion.
Mark, who had to face questions from a US Senate on the Cambridge Data Analytica scandal appeared teary eyed on the first day and also shared a "I am sorry". As the second day commenced, Mark was reportedly sharing a few smiles and appeared confident while claiming ignorance of how third party apps and fake profiles were able to secure user data.
In fact, during the second day, Zuckerberg admitted that even his own private data was at stake in the data-leak. Although, he did not divulge what personal details of his were leaked in the mass data leak. Data of 87 million Facebook users is in the risk after political consultancy unethically mined data from Facebook.
Nearly 100 US lawmakers had taken part in the questioning session that lasted ten hours across two days.
As the session came to a close on Wednesday, the US senate was left with no consensus on privacy legislation and Zuckerberg ended the day with no new promises or a new change of things. He said, "It is inevitable that there will need to be some regulation' of internet firms," but he stopped short of making any commitments.
Forty times the internet media mogul told lawmakers he had no answers at hand and would get back to them later. Lawmakers felt Zuckerberg lacked in sharing most of the crucial information and at least 3 senators were responded with a "I will get back to you on this". Senators appeared frustrated at this response of Zuckeberg. In fact, Debbie Dingell, a democratic representative came hard on Zuckerberg, saying, "some things are striking during this conversation... As CEO, you didn't know some key facts."
"How can consumers have control over their data when Facebook does not have control over the data?" asked Representative Frank Pallone of New Jersey, the ranking Democrat on the House Energy and Commerce Committee, at the beginning of Wednesday's hearing.
The Senate asked how Facebook data could have been extracted by non-users, to which Zuckerberge said he had no idea how a non-Facebook member could source data. But he claimed that Facebook did "collect data on people who are not signed up for Facebook, for security purposes."
Zuckerberg is still unsure if there are more apps like Cambridge Analytica's tracking and recording user data, but said it would take months for a complete audit of apps that might be engaging in "improper gathering of data".
He added, "I do imagine that we will find some apps that were either doing something suspicious or misusing people's data."