The decision comes after criticism that Facebook was biased against conservative news organizations in its trending news section.
Employees contracted by the company used to write the descriptions that accompanied trending stories, but that job will now be done using an algorithm that pulls excerpts directly from the stories, Facebook said late Friday in a statement. Facebook laid off about 15 to 18 workers contracted to write the excerpts, according to Business Insider.
But just days after announcing the change, a fake article about Fox News anchor Megyn Kelly surfaced in the trending section claiming she had been ousted from the network after backing Hillary Clinton, The Verge reports. The article was trending for several hours before being removed by Facebook.
Facebook said employees will still be involved in its trending topics process by curating a list of articles and in removing inappropriate topics that don't align with Facebook's guidelines.
(Facebook is held in Jim Cramer's charitable trust Action Alerts PLUS. See all of his holdings with afree trial.)
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:
The 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 it rates. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures, impressive record of earnings per share growth, compelling growth in net income and expanding profit margins. It fees its strengths outweigh the fact that the company is trading at a premium valuation based on the team's review of its current price compared to such things as earnings and book value.
You can view the full analysis from the report here: