Early Facebook investor Reid Hoffman says people have lost trust

Early Facebook investor Reid Hoffman says people have lost trust
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(Oct 14): Reid Hoffman, one of Facebook Inc.’s early investors, said “people have lost trust for good reason,” following allegations by whistle-blower Frances Haugen that the social network knew its apps caused harm and didn’t act.

“It’s OK to have done the internal research and not report it, but you then start the work streams to fix it,” Hoffman said Wednesday in an interview with Emily Chang on Bloomberg Television. Hoffman, a partner at venture capital firm Greylock Partners, said he hasn’t yet spoken to Facebook Chief Executive Officer Mark Zuckerberg.

Haugen, who worked as a product manager at Facebook, left the company with thousands of pages of internal research and documents with details about content moderation, preferential treatment of high-profile accounts, and the toxic impact of Instagram on teen girls. Haugen testified on Oct. 5 before a panel of the Senate Commerce Committee, where she said that Facebook chose profits over safety.