Facebook Reportedly Loses $70 Billion Since News of Data Scandal

Facebook Reportedly Loses $70 Billion Since News of Data Scandal

 

Facebook reportedly lost $70 billion in market value in only 10 days. Furthermore, the company’s shares have been down 13% since its data issues, including a scandal with Cambridge Analytica (political consultancy).

Sources say that consumer trust has dropped and people are considering leaving the social network. A recent poll showed that fewer than half of Americans trust Facebook to obey U.S. privacy laws. Recently Whats App co-founder Brian Acton publicly said “It is time. #deletefacebook.”

Cambridge Analytica allegedly used information from Facebook users to create personalized political advertisements. Apparently, Facebook was aware of the data breach but did little to secure the information of their users. What’s more, Cambridge Analytica is owned by billionaire Robert Mercer and overseen by former Trump strategist Steve Bannon.

Source: business.financialpost.com

DeRon Beasley is the founder and Editor-in-Chief of FreshAsFrankie.com. After starting out as a musician-producer he went on to study the music business and work in Urban Promotions, followed by artist management. Mr. Beasley entrepreneurial spirit has led him to launch numerous businesses in music and fashion marketing. He’s a huge fan of the ’80s and ’90s Hip Hop and R&B, and he’s a firm believer that Hip Hop Music will never die.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.