October 15, 2019 / 7:36 PM / a month ago

Breakingviews - Facebook would be wise to just give up on politics

A 3D-printed Facebook logo is seen in front of a displayed stock graph in this illustration taken November 3, 2016. REUTERS/Dado Ruvic/Illustration

SAN FRANCISCO/NEW YORK (Reuters Breakingviews) - There is an elegant solution to Facebook’s chronic problem with political ads: it could stop running them altogether.

The $525 billion firm is the favorite punching bag for pols on both sides of the aisle. The latest fracas comes from the camp of Democratic presidential hopeful Elizabeth Warren. The Massachusetts senator’s campaign ran a fake ad on the social network suggesting that Facebook founder Mark Zuckerberg is endorsing President Donald Trump in the 2020 U.S. election. The point was to highlight Facebook’s failure to fact-check dubious claims in its quest for profit. Facebook maintains that political advertising requires a higher bar for free speech. 

Social media firms are in a terrible position to police political ads, which often contain falsehoods. Such content usually enjoys additional legal protection thanks to the U.S. Constitution’s prohibitions on restricting free speech. The Federal Election Commission oversees campaign finance laws and is a more appropriate agency to deal with such issues. Designating that power to Facebook and others gives them greater influence over public discourse.

But without clear government rules, online platforms make up their own – with messy results. Twitter recently announced it would start flagging posts by public officials that violate their rules but are permitted because they are in the public’s interest. Jack Dorsey’s company, along with Facebook and Alphabet’s Google, declined a request from the campaign of former Vice President Joe Biden to take down a Trump ad making false accusations. CNN refused to run the ad but has aired others that contain inaccurate information.

That puts social media outlets in the awkward position of having to make judgment calls without being accused of bias. Conservatives already complain that Facebook stifles its voices; Zuckerberg has been hosting informal meetings with likes of Fox News commentator Tucker Carlson to smooth things over, according to Politico.

The outsized political spotlight is hardly worth it. For the 90-day period starting July 13 through Oct. 10, Facebook raked in roughly $136 million from political ads, according to its tally of state-by-state spending. That’s less than 1% of the $17.1 billion analysts forecast in ad sales for the third quarter, based on Refinitiv compilations. Folding up the political ad tent may be the winning move.

Breakingviews

Reuters Breakingviews is the world's leading source of agenda-setting financial insight. As the Reuters brand for financial commentary, we dissect the big business and economic stories as they break around the world every day. A global team of about 30 correspondents in New York, London, Hong Kong and other major cities provides expert analysis in real time.


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