Mark Zuckerberg Lost $9 Billion In 24 Hours & Why Everyone Hating Facebook: Early this week, the social networking giant has been hit on all sides after the revelation that a marketing company called Cambridge Analytica had undue access to data of 50 million users. We are actually talking about the voter-profiling company Cambridge Analytica (CA).
CA grabbed the information from the Facebook profiles of around 50 million users without their consent. Cambridge Analytica, which also worked as the tech provided for Trump and Brexit Leave campaign, managed to grab the data of around 50 million users by using an app named “thisisyourdigitallife”
According to the reports from New York Times, the firm pulled the data from 270,000 app users that gave express permissions as well as their 50 million unaware friends. The app “thisisyourdigitallife” is actually developed by University of Cambridge psychology professor named Dr.Aleksandr Kogan.
Well, all of the revelations were made by a whistleblower named Christoper Wylie who is a former research director of Cambridge Analytica. The social networking giant Facebook itself acknowledged that the data did end up in the wrong hands but the firm refrains itself from calling it a ‘data breach’
A Blog post said, “People knowingly provided their information, no systems were infiltrated, and no passwords or sensitive pieces of information were stolen or hacked”. On return, the social networking giant has also suspended any business with CA and its company.
Not only these, Facebook has even suspended the account of Christoper Wylie who made the revelation. “Suspended by Facebook. For blowing the whistle. On something they have known privately for two years,” Wylie tweeted on Sunday.
Due to the above scandal, Mark Zuckerberg lost more than $9 billion in stock wealth over the past 48 hours, pushing him to lower down from fourth-richest man in the world to fifth or sixth. The loss clearly shows that how costly the scandal has become for Facebook and its founder.
Moreover, the most important thing is, it may have caused a lot of people to lose their faith in the company and, at this point, Facebook’s immediate future is all about answering some very tough questions about the way it does business.
What’s your opinion on this? Discuss with us in the comment box below.