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Zuckerberg said the new regulations may initially hurt the social network but will pay off in the longer term.

Facebook CEO Mark Zuckerberg urged government bodies to regulate social media companies, last week. Zuckerberg advocated drawing up a new framework instead of trying to police social media under the existing rules.

The 35-year-old founder of Facebook suggested any such regulation would have to find the middle ground between regulations governing telecoms companies and those governing existing media. He claimed that Facebook had improved its protocols for countering online election interference.

Facebook has already announced an independent “oversight board” which has a lot more control over the ubiquitous network’s content. The social media platform suspends over one million fake accounts every day, with the majority of them getting detected within the first few minutes of signing up.

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