Twitter makes global changes to comply with privacy laws

Twitter Inc is updating its global privacy policy to give users more information about what data advertisers might receive and is launching a site to provide clarity on its data protection efforts, the company said on Monday.

The changes, which will take effect on Jan. 1, 2020, will comply with the California Consumer Privacy Act (CCPA).

The California law requires large businesses to give consumers more transparency and control over their personal information, such as allowing them to request that their data be deleted and to opt-out of having their data sold to third parties.

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Social media companies including Facebook Inc and Alphabet Inc’s Google have come under scrutiny on data privacy issues, fueled by Facebook’s Cambridge Analytica scandal in which personal data were harvested from millions of users without their consent.

Twitter also announced on Monday that it is moving the accounts of users outside of the United States and European Union which were previously contracted by Twitter International Company in Dublin, Ireland, to the San Francisco-based Twitter Inc.

The company said this move would allow it the flexibility to test different settings and controls with these users, such as additional opt-in or opt-out privacy preferences, that would likely be restricted by the General Data Protection Regulation (GDPR), Europe’s landmark digital privacy law.

“We want to be able to experiment without immediately running afoul of the GDPR provisions,” Twitter’s data protection officer Damien Kieran told Reuters in a phone interview.

“The goal is to learn from those experiments and then to provide those same experiences to people all around the world,” he said.

The company, which said it has upped its communications about data and security-related disclosures over the last two years, emphasized in a Monday blog post that it was working to upgrade systems and build privacy into new products.

In October, Twitter announced it had found that phone numbers and email addresses used for two-factor authentication may inadvertently have been used for advertising purposes.

Twitter’s new privacy site, dubbed the ‘Twitter Privacy Center’ is part of the company’s efforts to showcase its work on data protection and will also give users another route to access and download their data.

Twitter joins other internet companies who have recently staked out their positions ahead of CCPA coming into effect. Last month, Microsoft Corp said it would honor the law throughout the United States and Google told clients that it would let sites and apps using its advertising tools block personalized ads as part of its efforts to comply with CCPA.

Source: Reuters

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2020 presidential race could weigh on FANG stocks

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The 2020 presidential race could weigh on ‘FANG’ stocks as Democrats attack big tech

As 2020 presidential campaigns accelerate, the dominance of Silicon Valley technology companies is likely to remain a key issue for Democratic candidates, Bank of America analyst Justin Post said in a note to investors on Monday.

“Campaign focus on FANG regulation [is] likely here to stay,” Post said.

Sen. Elizabeth Warren last week unveiled a plan to break up the biggest tech companies if she is elected president. The Massachusetts Democrat is especially focused on four of Wall Street’s beloved “FAANG” stocks: Facebook, Amazon, Apple and Google-parent Alphabet. The group also includes Netflix.

“The giant tech companies right now are eating up little, tiny businesses, start-ups – and competing unfairly,” Warren told CBS on Sunday.

“We’ve got to break these guys apart,” Warren added. “It’s like in baseball: You can be the umpire or you can own one of the teams, but you don’t get to be the umpire and own the teams.”

Post analyzed the “breakup scenarios” for Alphabet, Amazon and Facebook, which Warren referred to repeatedly in her criticism. While forced spinoffs may largely help the former two tech giants, Post thinks Facebook is the most at risk to seriously losing shareholder value.

Bank of America sees “a partial breakup of Alphabet (including spin of YouTube or Waymo)” as possibly “value enhancing.” With the broad reach of each of Alphabet’s business units, as separate entities, each brand “has enough scale to capture vast advertiser interest,” Post added.

Similarly for Amazon, Post said a breakup “would be somewhat neutral for the stock,” as investors in Jeff Bezos’ empire “are generally comfortable” with how much Amazon’s businesses would be worth on their own.

Breaking up Facebook “could be most concerning for investors,” Post said. He found that if Facebook’s Instagram and WhatsApp platforms were separated, they “would likely compete directly with Facebook for usage and advertisers, raising concerns on increased competition.”

That overlap in Facebook’s businesses is a key reason Warren believes they should be separated.

“They bought the competition and now they’re sucking the data out of the competition,” Warren said.

While Bank of America did not include Apple in its breakup analysis, Warren confirmed to CNBC that she intends to break up the iPhone maker. In her interview with CBS, Warren argued that she is not against markets, which she said “produce a lot of good,” but instead thinks “markets have to have rules.”

“It is not capitalism to have one giant that comes in and dominates, a monopolist that dominates a market,” Warren said.

Warren said recent talks with technology venture capital firms revealed that the places where Amazon, Facebook and Google compete are known as “kill zones” to entrepreneurs.

“They call it the kill zone because they don’t want to fund businesses in that space because they know Amazon will eat them up, Facebook will eat them up, Google will eat them up,” Warren said.

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