NEW YORK (TheStreet) -- Facebook (FB) - Get Report is having to answer for its part in spreading fake news during the recent presidential election cycle, but the problem is "absolutely" fixable, Contently Editor-in-Chief Joe Lazauskas said on CNBC's "Closing Bell" on Monday afternoon.
During a hackathon at Princeton University last week a group of students built an extension that flagged fake news on Facebook in just 36 hours, he noted. "So it's an easy problem to solve, right? And really it's hard to see why Facebook didn't fix this already."
In addition, journalists need to step up and report better on Facebook's algorithms so that we no longer see them as "this big scary thing that we don't know about because we didn't go to computer science school," Lazauskas said. Over 60% of U.S. adults said they get their news from Facebook, so the media needs to be the "checks and balances to say, 'Hey, what's going on here?'"
In addition, Facebook needs to stop saying that it's a tech company and not a media company, he said. That claim is "ridiculous" because 40% of traffic to publisher sites comes via Facebook.
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TheStreet Ratings team rates Facebook as a Buy with a ratings score of A-. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that the team rates.
You can view the full analysis from the report here: FB