Facebook fired its "news curators" in response to criticism of it suppressing "news stories of interest to conservative readers from the social network’s influential 'trending' news section" [1]. This happened in May of last year.
[1] http://gizmodo.com/former-facebook-workers-we-routinely-supp...
Or because they were raking in money off the back of it.
Many fake news sites were destination sites which carried ads. It seems unlikely that the margin on that traffic would have been enough to pay for significant Facebook traffic.
The version of this play which I've heard was:
- Create fake "news" site with outrageous stories.
- Cover it with ads (from Google and others)
- Seed it in Facebook groups
- Rely on organic reach to generate traffic.
I maybe wrong about the ability to to arbitrage on this traffic. If anyone has numbers I'd love to see them.
But I wouldn't describe that as "raking in money" - more like a marginal increase which might have been matched by other changes in the news feed algorithm.
if you think that, you have been reading Fake News