Speaking to the news site Axios at an event Wednesday, Parker recalled the early days of the network when he encountered skeptics of social media.
He later added that the size and scope of Facebook's audience 'literally changes your relationship with society, ' noting the now 2 billion users on the social network. "It probably interferes with productivity in weird ways", Parker said. "God only knows what it's doing to our children's brains", said Parker. From there, he said that the system of "likes" was based upon giving users "a little dopamine hit" in the form of friendly approval.
"And that's going to get you to contribute more content, and that's going to get you. more likes and comments", said Parker.
But that didn't matter to people like Facebook founder Mark Zuckerberg, he said.
Although Facebook is a social networking site, it also has enormous impact as an advertising platform and news distributor, reaching 2 billion people each month.
Parker seemed to suggest that he now regrets his involvement with Facebook during his remarks in Philadelphia.
With each like and comment, Facebook is "exploiting" human psychology on objective to keep users hooked on a "social-validation feedback loop", Parker said, adding that it is "exactly the kind of thing that a hacker like myself would come up with".
Parker's comments, though revelatory, come off as somewhat ironic, given that he has reaped billions off Facebook from being an early investor.
Mr Parker became Facebook's first president after making hundreds of millions of dollars from the music-sharing service Napster.
The billionaire recently founded the Parker Institute for Cancer Immunotherapy.
"It's a social-validation feedback loop ... exactly the kind of thing that a hacker like myself would come up with, because you're exploiting a vulnerability in human psychology", Parker said.
Flying heaps of criticism land upon Facebook CEO Mark Zuckerberg on a regular basis. Yet "we did it anyway".