The Federal Trade Commission seeks to obtain information on how many users certain social media companies have, how active the users are, what the companies know about them, how they got that information, and what steps the companies take to continue to engage users. The FTC also is gathering information on the companies' business models and how they target children and families.

Libra, the digital currency announced by Facebook last year, is getting a new name. Libra will now be Diem. The new name will reenforce the currency project's independence, according to a statement released by the Libra Association, which is also changing its name. From now on it will be the Diem Association.

Spotlight, a new short video service launched by Snap on Monday, is set to take on the leaders in the space. Moreover, it has pledged to prime the creative engines of Snapchatters making videos by divvying up a daily pool of US$1 million for the day's best content. Many Snapchatters will earn each day, and those who create the top Snaps will earn the most for their creativity.

A social media platform that bills itself as a "non-biased, free speech" alternative to outfits like Twitter and Facebook has seen a surge in interest in its mobile app over the last week that culminated Sunday in it becoming the top free app at the Apple App Store. According to Fox Business, the Parler app has been downloaded 310,000 times in the last week alone.

When it comes to an appetite for data, social media outfits are the most voracious, according to a recent study released by cybersecurity company Clario Tech. The analysis of nearly 50 of the world's biggest brands found that Facebook collects more than 70 percent of all the data it can collect legally about someone using its service.

A warning by Facebook and Google that they may have to curb service to Australia if a controversial law takes effect this year has the Aussies reviewing their options, including setting up a publicly-funded social network. The idea was floated in a report titled "Tech-Xit: Can Australia survive without Google and Facebook?"

The Big Tech companies have arguably done what they want over the years, arousing consumer anger and distrust, and numerous complaints by privacy and consumer rights groups. That includes cocking a snook at governments. While all of the Big Tech firms have been hit with multimillion-dollar fines at one time or another, many argue that's a drop in the bucket for companies that rake in billions of dollars annually.

Last week we ran a survey asking people which of the CEOs that were questioned by Congress last month is the most trustworthy. Facebook's Mark Zuckerberg took the dubious prize for last place. Tim Cook of Apple was voted the most trustworthy. There shouldn't be any competition; Facebook has the tools and information access to assure it is beloved. Yet Apple, which doesn't have anywhere near that level of reach nor engagement, has a far better image. Let's talk about ironic incompetence.

Like a lot of you, last week I watched the congressional testimony from the CEOs of Amazon, Apple, Facebook and Google -- and there were a lot of apparent things that were problematic. One is that there are folks in Congress that likely shouldn't be in Congress, and another is that each company has some serious issues they haven't dealt with.

Social proof is an individual influencer or group clout that gives "proof" to a product. It is based on the principle that people tend to follow and conform to an influential person or a majority. They do this to be validated -- a result of a need for safety. Here are 10 kinds of social proof strategies -- and how and why they work.

I'm a member of what is likely a reasonably sizable informal group of people who trained to be a CEO but declined the job -- in my case, several times. So I don't envy the position that Twitter CEO Jack Dorsey is in as he tries to figure out a way to do the right thing concerning the spread of false information and defend his company against an attack by the designated leader of the free world.

A new virtual reality headset designed for mobility will serve as an entry point into a new virtual world. The $599 Mova headset from XRSpace, founded by former HTC chief Peter Chou, will support 5G and be the exclusive on-ramp to Manova, a social reality platform that aims to defy the boundaries of space and time to bring people together. Users can roam Manova as full-body avatars.

Facebook has announced Facebook Shops, which will let small businesses set up a single online store accessible from both Instagram and Facebook. Businesses can choose products they want to feature and customize the look and feel of their online shop. Consumers can find Facebook Shops on a business' Facebook page or Instagram profile, or through stories or ads.

Facebook has set up American Edge, a political advocacy group for the high-tech industry, which is drawing scrutiny from United States lawmakers. American Edge will fund ad campaigns and studies by academics to push its efforts. Facebook is working with a diverse group of stakeholders to build support for the tech industry. It formed American Edge as a nonprofit organization in December.

Far-right groups and individuals in the United States are exploiting the COVID-19 pandemic to promote disinformation, hate, extremism and authoritarianism. "COVID-19 has been seized by far-right groups as an opportunity to call for extreme violence," states a report from ISD, based on a combination of natural language processing, network analysis and ethnographic online research.

Facebook has launched a free standalone app for creating and watching live video game play on Android devices. Some 700 million users already engage in gaming on the platform, but with its dedicated app Facebook is locking horns with the leaders in the market -- Amazon, Google and Microsoft. "Live streaming was a growth opportunity before the pandemic," noted Strategy Analytics' Michael Goodman.

Facebook and YouTube are cracking down on the pervasive conspiracy theories linking the spread of coronavirus to 5G wireless technology. Facebook has begun actively removing false claims that could lead to physical harm. WhatsApp has reduced the number of accounts users can forward chats to from five to one. Meanwhile, YouTube has banned all videos promoting 5G-coronavirus conspiracy theories.

As the coronavirus pandemic worsened in the U.S., Zoom Video Communications offered free access to its videoconferencing platform and demand skyrocketed. "Zoom has quickly become the de facto for teleconferencing during the COVID-19 pandemic," said James McQuiggan, security awareness advocate at KnowBe4. "A lot of organizations are using it to keep in contact with their employees."

Instagram has announced a slew of new capabilities to combat misinformation about the coronavirus, along with a co-watching feature that helps users feel less isolated while sheltering at home. Efforts to clamp down on misinformation include removing COVID-19 accounts from recommendations unless they are posted by a credible health organization, and removing false claims that could cause harm.

Facebook has announced a $100M commitment of cash grants and ad credits to help as many as 30,000 eligible small businesses in 30 countries where the company operates. The program can help SMBs maintain their workforces, meet rent costs, connect with more customers, and cover operational costs. In addition, Facebook has earmarked $1 million in grants to local news organizations covering COVID-19.

Reddit has launched Trending Takeover ads for its Search tab and Popular feed, on both mobile and desktop versions. One third of the more than 430 million monthly active users visiting Reddit view the Popular feed every day. The Trending Takeover ad unit is in the second slot of the Trending Today module on Reddit's Popular feed and in the Trending Today dropdown in Reddit's Search tab.

Twitter applied its "manipulative media" label to a deceptively edited video showing presidential hopeful Joe Biden saying, "re-elect Donald Trump" -- the first time the service enforced rules adopted to control synthetic and manipulated media. The flagged video was posted to Twitter by Dan Scavino, White House director of social media, and retweeted by the president.

YouTube's efforts to reduce the spread of conspiracy theories on the platform appear to be bearing fruit. YouTube "significantly reduced the overall volume of recommended conspiratorial content," three researchers wrote in a study from the University of California, Berkeley. The team spent 15 months studying 8 million recommendations from the platform's next-watch algorithm.

Facebook is clamping down on ads and misinformation relating to coronavirus. Criticism of social media platforms for spreading fear and confusion about coronavirus is rife. Still, Facebook's decision-making has raised a few eyebrows, as the coronavirus ad restrictions could be interpreted as limiting free speech in a way that is inconsistent with Facebook's general practices.

Can social media be saved? Can democracy be saved? The first question may seem less compelling than the second, but to some very worried observers, they are intimately entwined. Social networking -- on Facebook, Twitter, YouTube and a host of other online networks -- is the root of all current cultural evils, in the eyes of some critics. Undeniably, social networks offer positive experiences too.

Consumers are on social media constantly, scrolling through posts. Many have begun clicking on brand posts and making purchases. "Social commerce is becoming increasingly popular for brands," noted Darin Archer, chief strategy officer at Elastic Path. "Even when the transaction itself may be happening outside the app, there's a much smaller gap between discovery and purchase."

Facebook has promised to remove certain "misleading manipulated media": videos edited or synthesized in ways that likely would mislead viewers to believe that video subjects said words they did not say; products of artificial intelligence or machine learning that merge, combine, replace, or superimpose content onto a video, creating a fake video that appears to be authentic.

Facebook has rejected a request from the U.S., the UK and Australia for a "backdoor" in its encrypted messenger apps to help law enforcement agencies combat crime and terrorism. "Cybersecurity experts have repeatedly proven that when you weaken any part of an encrypted system, you weaken it for everyone, everywhere," wrote WhatsApp head Will Cathcart and Facebook Messenger head Stan Chudnovsky.

Twitter's new Privacy Center will give users more clarity on what it does to protect the information people share. The center will host everything relevant to Twitter's privacy and data protection work, including initiatives, announcements, new privacy products and communication about security incidents, noted Twitter Data Protection Officer Damien Kieran and Product Lead Kayvon Beykpour.

Google has published changes to YouTube's Terms of Service Agreement that have stoked fears among some users. "YouTube may terminate your access, or your Google account's access to all or part of the Service if YouTube believes, in its sole discretion, that provision of the Service to you is no longer commercially viable," the new ToSA states. Many creators are deeply concerned over the prospect of YouTube changing its practices.