Shares of Facebook Inc. (NASDAQ:FB) were up 0.05% in late morning trading as representatives of the social media giant prepared to testify to U.S. Congress. Representatives from Twitter Inc. (NASDAQ:TWTR) and Alphabet Inc. (NASDAQ:GOOGL) are also set to give testimony regarding so-called “Russian meddling” in the 2016 U.S. election.
Representatives from the House and Senate intelligence committees, making up both Democrats and Republicans, have alleged that $100,000 worth of Russian media advertisements and a “troll army” had an inordinate impact on the 2016 election. An election in which the Hillary Clinton and Donald Trump campaigns raised a combined $2 billion.
Lawmakers moved to make requests that the technology companies compile lists of “Russia-linked” accounts in order to tackle the problem. Facebook founder and CEO Mark Zuckerberg was initially dismissive of the allegations that Russia had broadly influenced the election using the social media platform. However, after several months of meetings with members from the intelligence community Zuckerberg has changed his mindset.
The fallout from the 2016 could dramatically change the internet landscape. Google has already taken quiet steps to change its algorithms, promising to promote “authoritative content” over “alternative viewpoints”. Facebook has vowed to change its advertising standards, and Twitter has unveiled steps to change the code of conduct with regards to its user policy.
The key takeaway is that the 2016 election was a true game changer for the internet and social media. Large public and private entities have been made acutely aware of the political power of the internet and are moving to add constraints on a broad array of platforms.
