Zuckerberg says Facebook to support Honest Ads Act
Facebook Inc. Chief Executive Mark Zuckerberg said Friday that the company plans to support the Honest Ads Act. Facebook stock is down nearly 1% to $157.77 in late afternoon trading. The Honest Ads Act is a bill that would hold social media platforms such as Facebook and rivals Twitter Inc. and Snap Inc. to the same political advertising rules as TV, print and radio. It has not yet been passed into law. "Election interference is a problem that's bigger than any one platform, and that's why we support the Honest Ads Act," the CEO wrote. "This will help raise the bar for all political advertising online." In a Facebook post Friday, Zuckerberg outlined several changes to its ads platform: to run political or issue ads on the site the company would now require the client verify their identity and location. Zuckerberg also wrote that the company will require people who manage large pages -- he did not specify a threshold -- to be verified as well. Facebook stock is down 10% this year, as the S&P 500 index has fallen 3%.
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