Facebook Is Falling Apart so Fast We Can’t Keep Up

Facebook Is Falling Apart so Fast We Can’t Keep Up

Anyone who reads The Daily Stirrer regularly will know we have never been fans of Facebook, Google or any of the other multi – billion dollar internet corporations which operate business models based on abusing users privacy. We have always predicted retribution would one day be delivered when the public finally woke up to how these companies trick users into revealing personal information about themselves and all their friends and contacts, and then try to use that data to manipulate the way users behave.

It seems retribution has arrived for Facebook at least, after a year of alienating public opinion through a series of public relations disasters, a new scandal seems to be the straw that broke the Camel’s back.

US Senator Demands Zuckerberg ‘Be Subpoenaed’ to Testify Under Oath

from The AntiMedia

As the damning details of Facebook’s largest-ever data breach at the hands of pro-Trump data firm Cambridge Analytica continue to pour in — and as the social media giant’s share price continues to plummet as a result—Sen. Richard Blumenthal (D-Conn.) on Monday called on CEO Mark Zuckerberg to “testify under oath” before Congress to explain why his company took so long to notify users that their information had been compromised.

“Zuckerberg ought to be subpoenaed to testify if he won’t do it voluntarily,” Blumenthal, a member of the Senate Judiciary Committee, told reporters late Monday, echoing demands of other lawmakers. “He owes it to the American people who ought to be deeply disappointed by the conflicting and disparate explanations that have been offered.”

Blumenthal’s request comes amid growing calls — both in the U.S. and overseasfor Zuckerberg to answer for his company’s failure to ban Cambridge Analytica in 2015, when the platform first, discovered that the personal information of millions had been harvested in violation of company policy.

Since details of Cambridge Analytica’s exploitation of Facebook were published by the New York Times and the Observer over the weekend, the social media giant has downplayed the incident, argued that it doesn’t constitute a data breach at all, and maintained that Cambridge Analytica is solely to blame for the improper harvesting of personal data.

But privacy advocates have argued that while Cambridge Analytica should be held accountable for its actions, Facebook cannot be let off the hook.


Facebook Lost $50 Billion in Market Value In Two Days Over Privacy Scandal

The scandal that has hit Facebook over IT firm Cambridge Analytica using Facebook to trick users into revealing information in exactly the same way as Facebook itself pulls off the scam has hit Facebook investors where it hurts most — in their bank accounts.

Investor confidence hhas been hit too, as the world speculates on which of Facebook’s many unethical business practoces will be put under the microscope next. Last Friday, before the full impact of the story was felt, the social media giant’s closing stock price was $185.09, making it worth about $538 billion, vastly overvalued for a company that has never paid a dividend, but but sanity and stock market valuations for tech corporations never had a working relationship. The scandal went viral over the weekend as it emerged thatdata consulting firm Cambridge Analytica, which worked with Donald Trump on the 2016 election, had allegedly obtained unauthorized access to some 50 million Facebook accounts.

The effects were felt immediately, and not just in the area of privacy concerns. Facebook shares tumbled nearly seven percent on Monday. That’s a loss of about $35 billion in market value, making it the worst day of trading the company has seen in four years.

The slide continued on Tuesday, spurred on by the news that the <a href="https://www.bloomberg.com/news/articles/2018-03-20/ftc-said-to-be-probing-facebook-for-use-of-personal-datFederal Trade Commission will launch an investigation into the handling of user data and calls from lawmakers for Facebook executives to testify before Congress on the subject.

The further 2.6 percent drop, which put the stock price at around $168, means that Facebook lost roughly $50 billion in market value over the course of two days. That’s after slightly recovering from an even further dip of around six percent.

But it’s not just the company as a whole that’s hurting. The Cambridge Analytica debacle is affecting the man at the top, as well. CNBC reported on Tuesday:

“Mark Zuckerberg’s wealth status has changed — he’s lost more than $9 billion in stock wealth over the past 48 hours.” Well it couln’t have happened to a more deserving piece of shit.


Lawsuits Accumulate As #DeleteFacebook Movement Grows

After the mayhem of earlier this week, Facebook must have hoped things would start to stabilise on Wednesday as CEO Mark Zuckerberg said he would publicly address the company’s relationship with Cambridge Analytica some time during the next 24 hours.

At the same time however, another lawsuit has been brought against the company, the second since the New York Times and the Observer reported over the weekend that the company had failed to stop CA from using data improperly gathered from tens of millions of users, a Maryland woman sued Facebook Tuesday in a San Jose, Calif. court. Her suit was filed on behalf of other Facebook users whose data were accessed by CA without their explicit permission, Bloomberg reported.

Zuckerberg, the company’s founder and CEO said the delay in his making a statement was due to his desire to say something “meaningful” rather than delivering a quick, boilerplate comment, Axios reported.

On Tuesday, a group of Facebook investors filed a lawsuit against the company in a San Francisco federal court. The class action claims investors had suffered losses after the company disclosed that it had severed ties with Cambridge Analytica after blaming the company for “misleading” Facebook by saying it had deleted a cache of user data, when Facebook says it actually kept the data. CA has denied the allegations and said it didn’t use Facebook data for its work on the 2016 Trump campaign. Investors who purchased shares of Facebook between Feb. 3, when it filed its annual report and cited security breaches and improper access to user data, and March 19, the Monday after the exposes were published, are eligible to join the lawsuit.

Throughout that period, “defendants made false or misleading statements and failed to disclose that Facebook violated its own data privacy policies by allowing third parties access to personal data of millions of Facebook users without their consent,” according to the complaint.

As Bloomberg explains, investors have a strong case so long as they can prove their decisions to invest in Facebook were based on false or misleading information released by the company. By not policing app developers’ use of its users data, it could be argued that Facebook misled investors about how it handled and safeguarded private user data.

Massachusetts Attorney General Maura Healey has opened a civil probe into the company and Connecticut AG George Jepsen has sent a written inquiry to answer questions about Cambridge Analytica. The Federal Trade Commission has also opened a data-privacy investigation into the company.

European Union Justice Commissioner Vera Jourova plans to meet with Facebook officials in Washington on March 21. She called the data misuse “horrifying, if confirmed” and “not acceptable.”

Four days after the allegations first surfaced, #DeleteFacebook started trending on Twitter late Tuesday as users complained about “trust issues” regarding how the company shares their personal data. It gained a notable booster when WhatsApp co-founder Brian Acton tweeted that the time has come for Facebook users to delete their accounts.

RELATED POSTS:

US-EU Privacy Shield Data-Sharing Agreement Blasted as Inadequate
The issue arises from the strict EU laws — enshrined in the Charter of Fundamental Rights of the European Union — to the privacy of citizens personal data. As we all know thanks to the material leaked by Ed Snowden and others the United States National Security Agency (NSA) does not regard anything as private,

Facebook begins Europe-wide censorship campaign against free speech.
Facebook Inc (FB.O) has commenced the Europe-wide censoring of posts and comments the ruling elite do not like, thus making good the promise given to Hausfrau – Volksfuhrer Merkel by the social media and data theft site’s founder Mark Zuckerberg.

Philanthropic” Mark Zuckerberg Will Place Facebook Shares In A For-Profit LLC
Sorry to seem the The Grinch Who Stole Christmas, but somebody has to blow the whistle on the latest self serving stunt of the self server in chief, Mark Zuckerbugger but the great act of philanthropy with which the Inyaface Datatheft Book chief celebrated the birth of his child is, like everything else billionaire philanthropists do, not quite as straightforward as it has been presented in mainstream media.

How Google Destroyed the Internet
The idea of the internet was that it would be a communications tool that freed information by making all public domain documents, libraries and archives accessible for everyone. Unfortunately the corporate monopoly men of Google, Microsoft, Apple, Amazon and Facebook and political control freaks had other ideas. They also understood the technolgy while the hippies and liberals ignored professionals warnings that internet systems would become a perfect toool of censorship.

Corporate plundering of the UK purse has to stop – Facebook pays zero tax again
Our finance expert looks at the latest tax avoidance scandal and wonders why the governments financial agencies are always to eager to go after small time tax and benefit fraud and yet year after year turn a blind eye to the blatant criminality of global corporations in their tax evasion techniques.

Has Zuckerbugger Been Messing With Your Mind?
It has been revealed that Facebook has been collaborating with the US government and creepier fringes of the academic community in carrying out experiments to manipulate users emotions. “Facebook users have reacted angrily to a “creepy” experiment carried out by the social network and two American universities to manipulate their emotions.”

Facebook boss Zukerberg Wants To Own The Internet
Facebook’s latest acquisition Whatsapp cost $19bn, that’s $40 per user. Whatsapp charge their users $1 per year. That means it will take Facebook 40 years to recover their outlay. And people are buying shares in this company? Insane.

Facebook Are Nazis – We Told You So
All the Greenteeth Labyrinth pages have consistently warned that the most successful internet companies, Google, Microsoft, Amazon, Twitter etc. are led by people with authoritarian, even fascistic tendencies and a world domination complex which manifests itself as a desire to establish a monopoly position in their field. Facebbk are at the forfront of this fascist cartel.

Facebook’s Stockmarket Launch Fizzles Out

Facebook’s much hyped stock market launch fell flat. We examine the folly of trying to pass off a social networking fad as a real, monrey making business.



Google’s New Privacy Policy: ‘All Your Base Belong Us’.Google has defended its decision to change the way it handles users’ personal data as its new policy comes into force today. The internet search giant will now be able to use information about what people are entering into its search engine to target adverts according to users’ interests under the changes.

Google Evil Empire In New Privacy ViolationOnce again the neo-Nazi nerds at Google are in trouble for playing fast and loose with our privacy. Google have bypassed browser privacy setting to track our movements on the web, the bettrer to target us with ads for poxy shite no sane person would buy. What is it these arseholes find difficult to understand about the idea that in the real world or cyberspace same rules apply …

Facebooks Latest Violation Of Users PrivacyThe Daily Stirrer looks at Facebooks latest embarrassing climbdown after initially denying a new data mining scheme covertly violates users privacy …

Google’s Schmidt Tells US Senators “We’re Not MocrosoftGoogle executive chairman Eric Schmidt, giving his testimony to the Senate Judiciary subcommittee that focuses on antitrust began by recalling a ghost of the committee’s past: Microsoft. Schmidt never actually mentioned its arch enemy but it is clear …

IBM Develop Computer Chips To Replicate The Human BrainTodays main story deals with an old chestnut that resurfaces ever two or three years. Some scientists dream of creating life in a test tube or growing human clones for spare parts. Others dream of using drugs or chip implants to turn us into unthinking automatons. And still more want to build machines that think like us and have human senses …

Facebook’s Privacy Priacy
Once again Facebook are in trouble over their contempt for users privacy. It is quite astounding that this upstart corporation that is quite open about its ambition to control the internet does not seem to understand there are lines that cannot be crossed when it comes to broadcasting or “sharing” details of users private lives.
Webupon Facebook – privacy issues

Internet Technology

One thought on “Facebook Is Falling Apart so Fast We Can’t Keep Up

  1. […] Facebook Is Falling Apart so Fast We Can’t Keep Up Facebook Is Falling Apart so Fast We Can’t Keep Up Anyone who reads The Daily Stirrer regularly will know we have never been fans of Facebook, Google or any of the other multi – billion dollar internet corporations which operate business models based on abusing users privacy. We have always predicted retribution would one day … […]

    Like

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