Welcome to "#SocialStocks," The Fly's weekly recap of Wall Street's reactions to social media stock news.

FACEBOOK REMOVES 8.7M PIECES OF TERRORISM CONTENT IN Q2: On August 11, Facebook (FB) said that it removed about 8.7M pieces of content categorized as terrorism in Q2. "On Facebook, the amount of content we took action on increased from 6.3 million in Q1 to 8.7 million in Q2," the company said. "And thanks to both improvements in our technology and the return of some content reviewers, we saw increases in the amount of content we took action on connected to organized hate on Instagram and bullying and harassment on both Facebook and Instagram. Despite the impact of COVID-19, improvements to our technology enabled us to take action on more content in some areas, and increase our proactive detection rate in others," Facebook added. "Our proactive detection rate for hate speech on Facebook increased 6 points from 89% to 95%. In turn, the amount of content we took action on increased from 9.6 million in Q1 to 22.5 million in Q2. This is because we expanded some of our automation technology in Spanish, Arabic and Indonesian and made improvements to our English detection technology in Q1. In Q2, improvements to our automation capabilities helped us take action on more content in English, Spanish and Burmese. On Instagram, our proactive detection rate for hate speech increased 39 points from 45% to 84% and the amount of content we took action on increased from 808,900 in Q1 2020 to 3.3 million in Q2. These increases were driven by expanding our proactive detection technologies in English and Spanish."

TIKTOK SKIRTED ANDROID PRIVACY STANDARDS TO GATHER USER DATA: On August 11, the Wall Street Journal's Kevin Poulsen and Robert McMillan reported, citing a WSJ analysis, TikTok avoided a privacy safeguard in Google's (GOOG, GOOGL) Android operating system to gather unique identifiers from millions of mobile devices, data that lets the app track users online without letting them opt out. The tactic, which experts in the space said was hidden through an unusual added layer of encryption, seems to have violated Google policies restricting how apps track people and wasn't disclosed to TikTok users, the authors say, noting that TikTok ended the practice in November. The news comes as TikTok parent ByteDance is under pressure from the White House over concerns about data privacy, and as companies such as Twitter (TWTR) and Microsoft (MSFT) are reportedly interested in acquiring TikTok's U.S. operations.

FORMER PINTEREST COO ACCUSES COMPANY OF GENDER BIAS: On August 12, The New York Times' Erin Griffith reported that former Pinterest (PINS) COO Francoise Brougher has accused the company of gender bias in a new lawsuit, alleging she was fired in April after complaining about sexist treatment. In her suit, which was filed in San Francisco Superior Court, Brougher said she had been left out of important meetings, was given gendered feedback, was paid less than her male peers when she joined the company, and ultimately was let go for speaking up about it. Pinterest is reviewing the lawsuit, a company spokeswoman said.