No Facebook News for Australia Is Bad News for Facebook
No news for Australia's Facebook (FB) - Get Report users appears to be bad news for Facebook.
Facebook has barred Australians from finding or sharing news on its service, a dramatic escalation of a fight with the government over paying local publishers for news - and users and officials alike aren't happy about it.
The Australian government has slammed Facebook's decision to block users in the country from all news content on its platform - a move that ended up affecting access to several government sites, including ones that provide information about COVID-19 and vaccinations.
Australia’s Prime Minister Scott Morrison called Facebook’s move “arrogant” and “disappointing,” while Treasurer Josh Frydenberg said it was “wrong” and “unnecessary,” and that its actions "...will damage its reputation here in Australia.”
Facebook's action comes after months of tension with the Australian government, which has proposed legislation that would force tech platforms to pay news publishers for content. Australia’s Parliament held hearings on the issue last month.
Latest Videos From TheStreet and Jim Cramer:
- Public.com COO on Trading Restrictions and Importance of Investing Education
- Understanding GameStop: What This Seasoned Investor Needs to See From WallStreetBets
- How Do You Short a Stock?
- What Is Happening to GameStop Stock? Jim Cramer Explains
Watch: Lessons In Leadership
- Badgley Mischka on Leadership Lessons Learned From the Pandemic
- Fat Brands CEO's Advice to Restaurant Owners During COVID
- Bai Founder's Tips for Business Success During COVID-19
- Kind Founder and Shark Tank Judge on How Entrepreneurs Can Work Through COVID-19
- What Diversity Means for a Company's Bottom-Line: Al Roker
TheStreet's Tony Owusu speaks with CEOs running minority-owned private equity firms to better understand How to Break Diversity Barriers on Wall Street. Plus, TheStreet's Anuz Thapa has a series of interviews focusing on the next generation of leaders on and off Wall Street. Watch the videos below:
- The Hidden History of Wall Street's Slave Market
- Lauren Simmons - Now Is the Time to Create Generational Wealth for African Americans
- What Kamala Harris' Achievement Means for Black & Asian Americans
- How to Break Diversity Barriers on Wall Street
- What Diversity Means for a Company's Bottom-Line: Al Roker
- Why Terrell Davis Dove Into Business of CBD - Sport of Money
- Here's How Diversity Improves Corporate Balance Sheets: Jim Cramer
