Poll: Half of Fortune 500 CEOs say Facebook should be more regulated

Poll: Half of Fortune 500 CEOs say Facebook should be more regulated
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Half of Fortune 500 company CEOs said in a new survey that they believe Facebook should be more regulated.

Fifty percent of the industry leaders in the Fortune survey released Monday said they agreed that Facebook “has grown so large and influential that it needs additional regulation.”

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Sarah Miller, co-chair of the Freedom from Facebook campaign, said the results show that momentum for reigning in the social media giant "grows bigger and more impressive, every day."

“Congressional Democrats and Republicans are already in agreement, and now Fortune 500 CEOs are joining Facebook co-founder Chris Hughes in calling for stricter regulations on the conglomerate. It is unclear — and, frankly, baffling — why the FTC [Federal Trade Commission] is still refusing to act. With every day that passes, the spotlight on their inefficacy brightens. If they want to retain a shred of public trust, they need to act now and break up Facebook.”

The survey's results come on the heels of a scathing op-ed from Chris Hughes, a former Harvard University student who co-founded Facebook with CEO Mark Zuckerberg in 2004.

Hughes wrote that Facebook was not being held accountable for privacy concerns and election interference on its platform and should be broken up.

Many Fortune 500 CEOs also said in the new survey that they believed other tech giants should be regulated as well.

Forty-one percent of CEOs favored additional regulation for Amazon and 39 percent wanted Google parent company Alphabet to be regulated more.

Only 7 percent favor increased regulation for AT&T, 6 percent for Apple, 5 percent for Microsoft and 2 percent for Disney.