Turbotodd

Ruminations on tech, the digital media, and some golf thrown in for good measure.

Facebook Data

leave a comment »

Facebook shares fell more than 4% in premarket trading today after media reports that a political consultancy that worked on President Trump’s campaign was able to obtain inappropriate access to data on 50 million Facebook users.

According to Reuters, the move knocked $23.8 billion dollars off the social network’s market value of $538 billion as of Friday’s close.

The report also quoted one Wall Street analyst saying that the reports raised “systemic problems” with Facebook’s business model and a number said it could spur far deeper regulatory scrutiny of the platform.

This all comes after news announce Friday that Facebook suspended the account of Cambridge Analytica, the political data company backed by the billionaire Robert Mercer that consulted on both the Brexit and Trump campaigns.

Over the weekend, both The Guardian and The New York Times penned major reports in which the whistleblower Christopher Wylie alleged that Cambridge Analytica had used data that an academic had allegedly improperly exfiltrated from Facebook.

Written by turbotodd

March 19, 2018 at 9:58 am

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: