NEW YORK (TheStreet) -- Shares of Facebook (FB) were lower, as the company is said to be working on a new censorship tool to try to persuade the Chinese government to lift its seven-year ban on the social media platform, according to the New York Times

Previously, a number of companies have made "tweaks" to their business to try to enter China, including Microsoft (MSFT), Alphabet's Google unit (GOOGL), (AMZN) and Yahoo! (YHOO), noted CNBC's Kayla Tausche on "Squawk Alley" Wednesday morning. But they all ended up having to "dial back or exit completely."

"Do you think Facebook can do it?" she asked Chegg (CHGG) CEO and former Yahoo! (YHOO) COO Dan Rosensweig on the show. 

"No," he said with a laugh. "I hope that they can," he added. 

When Yahoo! made a deal with Chinese e-commerce giant Alibaba (BABA), it was because the Chinese government was "very clear" that the company can't do any communication, content or media, but that it loved e-commerce, he said. "That's how we ended up working with Alibaba." 

While there's nothing wrong with Facebook trying to follow the laws of China, "it's a very slippery slope," he noted. Facebook would probably not ever consider turning over private communication between individuals on its messaging apps Messenger and WhatsApp. But if it just needed to censor the content that shows up on news feeds, then "that might be something that everybody can live with." 

"These are complicated issues, but I just don't imagine that it's going to be successful because you're going to have to have Chinese advertisers support it, Chinese government support it," Rosensweig said. 

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