Tech

Facebook's Sheryl Sandberg: Chinese tech companies are also powerful, and will not be broken up

Key Points
  • Sandberg said breaking up Facebook does not address the underlying issues people have with tech companies.
  • “You could break us up, you could break other tech companies up, but you actually don’t address the underlying issues people are concerned about,” Sandberg said.
  • While there is talk of breaking up Facebook, Sandberg highlighted that China's own tech companies will not be broken up. 
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Sheryl Sandberg says breaking up Facebook doesn't address big underlying issues

Facebook's chief operating officer, Sheryl Sandberg, sat down for an interview with CNBC's Julia Boorstin on Friday calling for regulation of American tech companies but pushing against the idea of breaking up the social media company.

“You could break us up, you could break other tech companies up, but you actually don’t address the underlying issues people are concerned about,” Sandberg said.

Shares of Facebook were trading lower early in the session as markets continued to focus on trade tensions between the U.S. and China.

Sheryl Sandberg, COO of Facebook
Stephen Desaulniers | CNBC

"While people are concerned with the size and power of tech companies, there's also a concern in the United States with the size and power of Chinese companies, and the realization that those companies are not going to be broken up," Sandberg said.

She said people are concerned about election security, content, privacy and data portability. Sandberg noted that every one of Facebook's engineering and product teams now have their own safety and security functions focused on people's privacy.

"We know at Facebook we have a real possibility to do better and earn back people's trust," she said.

Additionally, Sandberg said that although Facebook's pivot to privacy will impact its ability to target ads, the company does not expect a long-term impact on revenue.

"We believe deeply that doing the right thing for people on our service is the only way to protect our long-term business, and it's the right thing to do," Sandberg said.

WATCH: Here's how to see which apps have access to your Facebook data — and cut them off

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Here's how to see which apps have access to your Facebook data — and cut them off
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Key Points
  • Among top schools, Facebook’s acceptance rate for full-time positions offered to new graduates has fallen from an average of 85% for the 2017-2018 school year to between 35% and 55% as of December.
  • The company has seen a decline in its job offer acceptance rates to software engineer candidates from nearly 90% in late 2016 to almost 50% in early 2019.
  • Facebook candidates are asking much tougher questions about the company’s approach to privacy, according to multiple former recruiters.