Reddit co-founder refuses to invest in Facebook, cites CISPA

Summary:Reddit co-founder Alexis Ohanian has declared he will not be buying Facebook stock since the social networking giant supports the Cyber Intelligence Sharing and Protection Act (CISPA).

Over the weekend we heard how Berkshire Hathaway CEO Warren Buffett won't be buying Facebook shares as part of the company's initial public offering (IPO). Now we're hearing how Reddit co-founder Alexis Ohanian won't be buying Facebook stock either, but for a different reason. Ohanian has a problem with the fact that Facebook supports the Cyber Intelligence Sharing and Protection Act (CISPA).

The CNN interview is embedded above. Here's the transcription:

I'm not planning on it, but I'm doing so for subtletly diffferent reasons. I understand Warren stil does not use a computer to start his day. I certainly do, I can't live without it. I understand the business value to what Facebook is doing. We've never seen a company like this before, ever. It knows things about our private lives that no one else does. And one of the big issues that a lot of us in the tech community have with Facebook of late has been their support of bills like CISPA that make it really easy for a business like Facebook to hand over very private data about us without any due process. So that's why I'm gonne be holding off.

Last month, many pointed out Facebook is supporting CISPA, despite opposing Stop Online Piracy Act (SOPA) and PROTECT IP Act (PIPA). I asked Facebook for a statement but was declined and was instead pointed to the company's letter of support in regards to the bill. Facebook then followed up and declared it "has no intention" to abuse the bill.

CISPA passed the House late last month. The bill is now awaiting deliberations in the Senate.

Facebook debuted its IPO roadshow today, and the latest rumor says Facebook will go public next week on Friday. Shares are expected to be priced on May 17, with trading beginning on May 18.

See also:

Topics: Social Enterprise

About

Emil is a freelance journalist writing for CNET and ZDNet. Over the years, he has covered the tech industry for multiple publications, including Ars Technica, Neowin, and TechSpot.

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