Social media entities are facing a “significant trust deficit”: Jack Dorsey

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February 26, 2021 12:54 PM

Twitter to make its content moderation practices more transparent following Government’s intermediary guidelines

Twitter aims to double revenue to $7.5 billion or more in 2023 and gain market share in the $150 billion market for digital advertising.Twitter aims to double revenue to $7.5 billion or more in 2023 and gain market share in the $150 billion market for digital advertising.

After the government’s decision to issue intermediary guidelines and digital ethics code on social media platforms on Thursday, Twitter CEO Jack Dorsey stated that social media entities are facing a “significant trust deficit” and pledged to make its content moderation practices more transparent, giving people more control as it strives to be among the most open companies globally. “We agree many people don’t trust us. Never has this been more pronounced than the last few years. This isn’t just about our actions to promote healthy conversation, it goes broader and deeper, down to how we use technology like machine learning algorithms. And we aren’t alone: every institution is experiencing a significant trust deficit,” he said in an Analyst Day event conducted by the company earlier today.

The comments come at a time when issues ranging from provocative posts, misinformation, data breaches to privacy issues have been placed on social media companies including Twitter, Facebook and WhatsApp. To counter this, the government announces regulations for social media firms as well as OTT (over the top) players requiring them to remove any inflammatory content flagged by authorities within 36 hours and setting up a complaint redressal mechanism with an officer being based in the country. The guidelines also make it mandatory for platforms such as Twitter and WhatsApp to identify the originator of a message that authorities consider to be anti-national and against security and sovereignty of the country.

Twitter aims to double revenue to $7.5 billion or more in 2023 and gain market share in the $150 billion market for digital advertising. As per Dorsey, the platform is witnessing over 20% consistent growth in DAU per year. “We have a goal of at least 315 million mDAU in the fourth quarter of 2023, which requires continued compounding growth at about 20 per cent per year from the base of 152 million mDAU we reported in the fourth quarter of 2019,” he added.

Jock Dorsey also claimed that the Twitter is making a lot of progress in its accountability by owning their mistakes and establishing  reliability by following published principles. “We are lacking in transparency and giving people more choice and control,” he told analysts. With this, the company intends to make its content moderation practices more transparent, give people more control to moderate their interactions, enable a marketplace approach to relevance algorithms, and fund an open source social media standard. Focusing on metrics like transparency, accountability, reliability and choice will have a huge impact, Dorsey noted.

Read Also: Government issues new guidelines for social media platforms, digital news sites and video streaming platforms

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