Facebook Chief Operating Operations (COO) Sheryl Sandberg apologized for the Cambridge Analytica data scandal in an interview and said: “the fallout is likely to bring greater regulation for the social media giant.”
Sandberg said “Mark has said, ‘It’s not a question of if regulation, it’s a question of what type, we’re open to regulation. We work with lawmakers all over the world.”
Facebook is facing issues with lawmakers on both sides of the Atlantic after research firm Cambridge Analytica, which is accused of working in Donald Trump‘s presidential campaign, was suspended from Facebook for allegedly misusing the personal information of more than 10’s millions of Facebook users.
“We know this is an issue of trust. We know this is a critical moment for our company, for the service we provide, We are going to do everything we can.” Sandberg said.
The Observer newspaper in the U.K. and The New York Times has cost Facebook more than $50 billion in stock market value.
Sheryl said. “That’s not how we look at it. We don’t look at these trade-offs like, oh it’s going to hurt our business in the long run and in the immediate term, People’s trust is the most important thing we have, and that is how we make those decisions.”
Sandberg added to that “Sometimes, and I would say certainly this past week, we speak too slowly, If I could live this past week again, I would definitely have had Mark and myself out speaking earlier, but we were trying to get to the bottom of this.”
Sandberg’s statement comes a day after Mark Zuckerberg broke his silence in a Facebook post and multiple interviews with the media.
Tech insiders, lawmakers and even Facebook employees had been waiting for days to hear from Zuckerberg and Sandberg.