Tuesday, 24 April, 2018

Read Mark Zuckerberg's full Facebook statement on Cambridge Analytica

Facebook’s value plunged $58b Read Mark Zuckerberg's full Facebook statement on Cambridge Analytica
Jean Garcia | 26 March, 2018, 01:26

Looking at Facebook's top 10 shareholders, we're unlikely to see many ditch their holdings in response to the latest scandal, with asset management companies accounting for the lion's share, nor are we likely to see any rumblings at the next AGM, barring the odd activist who may have brought some Facebook shares back in the day.

"There are some good things in the new privacy bill that has been launched".

Zuckerberg did not mention the British firm accused of using the data, the voter profiling company Cambridge Analytica that obtained the cache of information from British researcher Alexsandr Kogan, who had been authorized by Facebook to collect the data as part of an academic study.

Facebook's privacy practices have come under fire after Cambridge Analytica, a political consulting firm affiliated with President Donald Trump's 2016 election campaign, got data inappropriately.

Zuckerberg only referenced Cambridge Analytica in his Sunday ad. Google parent Alphabet's shares fell 7.2 percent over the same period.

The controversy has led to calls for advertiser boycotts from left-leaning activists while Media Matters for America, which named Zuckerberg its "misinformer of the year" in 2017, launched a petition Wednesday demanding that Facebook "ban every entity" using Cambridge Analytica's data. The lawsuit cites Facebook, Zuckerberg, COO Sheryl Sandberg and the board - which includes noted venture capitalists Peter Thiel and Marc Andreesen, WhatsApp CEO Jan Koum and Netflix CEO Reed Hastings - as defendants.

Meanwhile, Investigators from Britain's data watchdog have searched the London offices of Cambridge Analytica, the data analytics firm at the centre of the storm.

Lawyers Are Lining Up Around The Block To Represent Me
Yahoo News reported that at least four top law firms turned down Trump as a client past year . A new law firm, he said , would "take months to get up to speed".

A Bay Area-based Facebook shareholder is suing Facebook, founder Mark Zuckerberg and the entire Facebook board for allegedly breaching their fiduciary duties by failing to prevent the millions of users' data from being improperly shared with third parties and to inform affected Facebook users or the public markets.

More: Who's deleting Facebook?

"I would say to him: You can fix it".

Facebook was never really about "sharing" with "friends". What's worse, he said, it was hard to avoid extracting private data. Advertising in the digital era takes a lot of creativity and, most importantly, authenticity.

The Cambridge Analytics fiasco appears to have crystallized the anxiety many people feel about Facebook's enormous sway over daily life and its massive data trove. Brian Acton, the co-founder of WhatsApp, which was acquired by Facebook four years ago for $19 billion, has joined the cause.

Location and demographic information, which was taken from Facebook, can often be used to tie someone to other data points where the identity was previously unclear. "We're now taking steps to ensure this doesn't happen again", Zuckerberg writes, adding that the company has already "stopped apps like this from getting so much information".

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