Local millionaire is funding high-profile campaign to break up Facebook

Melony Roy
November 28, 2018 - 4:00 am
Apr 10, 2018; Washington, DC, USA; Facebook CEO Mark Zuckerberg testifies before a joint hearing of the Senate Committee on the Judiciary and the Senate Committee on Commerce, Science, and Transportation regarding the company s use and protection of user

Jack Gruber-USA TODAY


PHILADELPHIA (KYW Newsradio) — In an effort to inform the public about the risks of engaging with Facebook, a Pennsylvania philanthropist and hedge fund executive is bankrolling a campaign that urges regulators to break up the social network. 
Main Line-based venture capitalist David Magerman has reportedly given $425,000 to the Freedom From Facebook campaign. 
"Initially my main purpose was just to inform the public and to get the public to decide, 'are we comfortable with the risks involved with social media or do we want to do something about it or have the government do something about it,'" Magerman said.  
Magerman was the initial funder of the campaign, and other big tech critics such as Democracy for America, Citizens Against Monopoly and Open Markets Institute have joined the effort. 

"Freedom From Facebook started when I realized that one of the problems that we have in our country today is that people aren't aware of the value of their data, be it their social media data or their shopping data," he explained. 
Together, this group is working on "promoting ideas of regulating, and perhaps breaking up Facebook into components and looking into anti-trust situations," he said. 
Earlier this month, Freedom From Facebook filed a complaint with the Federal Trade Commission alleging the social network violated an agreement with the agency and consumer protection law. 

"I'm really hoping that democracy benefits from these efforts and I think democracy is really the victim in all of this misinformation and fake news," he added.