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Inside Social (Apr 11th, 2018)

$FB (11 AM EST): $163.75 (-0.78%) // More info

$SNAP (11 AM EST): $14.81 (+2.31%) // More info

$TWTR (11:01 AM EST) $28.90 (-2.13%) // More info

* We'll publish a special extra issue of Inside Social later today with a roundup of Facebook CEO Mark Zuckerberg's second day of testimony before Congress. Watch it live here.  

Facebook CEO Mark Zuckerberg is back for day two of congressional hearings aimed to address the Cambridge Analytica/Facebook scandal. Today, he'll face the music in front of House's energy and commerce committee. Yesterday, he spent five hours of testifying before Senate judiciary and commerce committees. Zuckerberg did not disclose much during his testimony, as senators' questions suggested a fundamental lack of understanding about how data privacy works. Ironically, a photographer snapped a picture of Zuckerberg's notes, left unattended during a break. The notes revealed how the Facebook CEO would answer questions, including what he would say if asked whether he planned to resign: "Resign? Founded Facebook. My decisions. I made mistakes. Big challenge, but we've faced problems before, going to solve this one." - CNN

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Twitter joined Facebook on Tuesday afternoon in support of legislation that exposes political ads and improves transparency. Twitter says it’s supporting the Honest Ads Act, which seeks to fight the same type of fraudulent online ads that popped up in the 2016 presidential election. The act would require platforms such as Twitter and Facebook to better identify political-ad purchases, keep information on candidates and ads that the public can access and do better on watching out for foreign interference on the sites. - GIZMODO

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About the same number of American teenagers use Snapchat and Instagram, but Snapchat wins out. A semi-annual Piper Jaffray teen survey that queried 6,000 teenagers, reported that teens prefer Snapchat as their favorite social media platform. Snapchat came in at 45 percent, while Facebook’s Instagram received 26 percent of the vote. Nine percent of the surveyed teens listed Twitter as their favorite, followed by Facebook at 8 percent and Pinterest at 1 percent. – BUSINESS INSIDER

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DTube is gaining popularity thanks, in part, to YouTube restrictions. DTube is similar to YouTube, but instead, video creators get donations from viewers rather than depending on ad revenue. Censorship is rare on DTube compared to YouTube, so it can be appealing to those considering making the switch. DTube runs on the blockchain network Steem, where users pay creators and commenters in digital tokens despite the big-name platforms moving further away from them. Privacy concerns over Facebook and other big names are also driving users to less-known platforms like DTube and rival LBRY. – BLOOMBERG

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A new bill will significantly constrain data-collection practices by Facebook and other websites, if it passes. The bill, from Sen. Richard Blumenthal (D-Conn.) and Sen. Ed Markey (D-Mass.), is referred to as the CONSENT Act. It would require clear opt-in consent from users to share, use or sell any personal information or when data is collected, shared or used. The bill would tighten current requirements to assist with security and stricter protocol surrounding breaches. The act, however, depends on the FTC for enforcement. Blumenthal addressed Facebook CEO Mark Zuckerberg over data violations Tuesday on day one of the congressional hearings about Facebook's wide-reaching responsibility and misuse of users' data. – THE VERGE

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