Facebook CEO Zuckerberg looks to calm ‘tech lash’ with call for government rules on political ads and data

For years, Facebook Inc. lobbied governments against imposing tough regulations, warning in some cases that they could harm the company’s business model. Now, it’s pleading for new rules for the good of its business. “If we don’t create standards that people feel are legitimate, they won’t trust institutions or technology,” Facebook’s Chief Executive Officer Mark Zuckerberg said in an op-ed in the Financial Times on Monday. It coincided with a visit to Brussels, home of the European Union’s institutions that have crafted some of the toughest rules in recent years. Silicon Valley firms have suffered from what’s been dubbed as a “tech lash,” with users frustrated over how web platforms profit from their data. Facebook has borne the brunt of that disenchantment following a series of missteps including privacy breaches and accusations it didn’t do enough to stop election manipulation on its platform. Meanwhile, Facebook’s user growth is stagnating in the U.S. and Canada – its most important markets.