Zuckerberg on Tim Cook: "Not at all aligned with the truth".

Representational Image for Facebook. | Reuters

Previously, when India issued notice to Facebook, Union Minister Ravi Shankar Prasad said, "We are very tough when it comes to data protection in India".

"I think our responsibility here is to make sure that the time people spend on Facebook is time well spent". When asked about the Cambridge Analytica data breach, in which the data analysis firm allegedly stole information on more than 50 million users to aid the Trump campaign with ads for the 2016 USA presidential race, Cook suggested that "I wouldn't be in this situation".

FILE - A general view of the building at 55 New Oxford Street that contains offices of Cambridge Analytica in London, March 23, 2018.

Cambridge Analytica says that it "fully respects the terms of use of Facebook" and that it has no data from Facebook accounts in its possession. He suggested that regulators should limit the amount of personal data that firms like Facebook can utilize. And I've been working on and thinking through: How can you set up a more democratic or community-oriented process that reflects the values of people around the world?

"You can imagine some sort of structure, nearly like a Supreme Court, that is made up of independent folks who don't work for Facebook, who ultimately make the final judgment call on what should be acceptable speech", he said.

When Mark Zuckerberg sat down to record an episode of Freakonomics Radio's "Secret Life of CEOs" last summer, he couldn't have predicted every scandal that resulted in the political quagmire Facebook is navigating today.

Aside from standing at the center of the world's most vitriolic data breach since Equifax, Mark Zuckerberg has lost billions of dollars of his personal fortune, in addition, to even more billions' worth of money in Facebook's rapid devaluation since news of the breach broke.

"I'm personally not a big fan of regulation because sometimes regulation can have unexpected consequences to it".

The company also placed ads in Britain and the US apologizing for a "breach of trust".

Facebook shares were down 1.4 per cent in premarket trading in NY to $157.50. Among other things, Facebook is facing lawsuits over the scandal.

The Facebook CEO has said he wants to form an independent council, which would review content flagged as abusive on the social media platform.

When asked specifically about the maelstrom of trouble that Facebook is now embroiled in due to the Cambridge Analytica and the SMS data collection scandal combo, Cook said that gathering the data of people to create a profile of them was should never have happened.

In the U.S., Facebook's chief concern is the Federal Trade Commission, which confirmed last month that it had opened an investigation into the company's practices. They wrote, "Advertisers will be required to represent and warrant that proper user consent has been obtained for the use of any data uploaded".

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