New York Attorney General Eric Schneiderman will make a big announcement with representatives from Facebook Inc (FB) and Instagram today at 1 p.m. Eastern. That’s according to CNBC’s Twitter feed. They will likely be discussing a statement which Facebook posted on its website today.
Guns for sale on Facebook
Recently it was revealed that children or just about anyone could very easily purchase guns over Facebook Inc (NASDAQ:FB). The social network said last month that it was working toward preventing users from buying or selling guns on its network. Now it appears that Facebook wants to take it a step further.
Pros And Cons Of Tail Risk Funds
Editor’s note: This article is part of a series ValueWalk is doing on tail risk hedge funds. The series is based on over a month of research and discussions with over a dozen experts in the field. All the content will be first available to our premium subscribers and some will be released at a Read More
USA Today and the Associated Press (via The Wall Street Journal) are both reporting that Facebook Inc (NASDAQ:FB) will now begin deleting posts from users who are selling guns without doing background checks or selling guns which are illegal. The social network will also apply to Facebook-owned Instagram.
Facebook to delete gun-related posts
In a statement today, Facebook Inc (NASDAQ:FB) said it would “remove reported posts that explicitly indicate a specific attempt to evade or help others evade the law.” Schneiderman and gun control advocates have been urging the social network to crack down on gun sales. New York requires background checks on all private gun sales and prevents some popular weapons from being sold.
For example, the AR-15 gun is illegal in New York, although it is legal in Texas. As a result, Facebook Inc (NASDAQ:FB) will allow the gun to be listed for sale in Texas but not in states like New York where it is illegal. The social network also said it would delete all posts in which the seller indicates that they won’t be doing background checks in connection with the sale of guns.
Facebook acknowledges commercial activities
All sales of everything posted on Facebook Inc (NASDAQ:FB)’s network are completed offline, which makes it difficult for them to be tracked. The social network notes that it doesn’t support the completion of transactions through its site, but people do post ads of things for sale.