Facebook founder and chief executive Mark Zuckerberg has admitted that the social networking site moved too fast and committed mistakes, but he assured that privacy concerns would be met.

Facebook, which boasts of its around 500 million users, is facing criticism for trying to generate profits by pushing members to share more and more personal information. It is also blamed of making individual privacy controls too complicated.

Moreover, a so-called technical glitch at Facebook later this month provided users with unintended access to their friends' private instant messages.

Mark Zuckerberg said Facebook was working on new privacy controls. However, he did not disclose further details of the upcoming changes. He just said that Facebook would not share users’ personal information with people and sites they didn’t want.

Concerns over privacy have encouraged many Facebook users to ditch the controversial site. The US lawmakers have even asked the Federal Trade Commission to probe social-networking site’s practices closely.