Data mining, which Facebook and others use was NOT an issue until it has been connected to the Trump campaign….
The companies leadership is being looked at by lawmakers….
The companies stock is taking a hit on the Stock Market today….
Social Media is about to come on trial in America and around the world…
Cambridge Analytica garnered headlines across the world on Friday as Facebook formally suspended the company from its platform over allegations that it had improperly received and retained data on tens of millions of Facebook users from an academic researcher that had originally obtained the data legally and properly in accordance with previous Facebook developer guidelines…..
Facebook stock fell sharply Monday as the social media company takes fire for the use of its data by the outside firm Cambridge Analytica, which obtained private information for about 50 million Facebook users.
Shares in Facebook fell as much as 7.5 percent Monday to $170, far outpacing losses taken by U.S stocks across the board.
The Dow Jones industrial average and Standard and Poor’s 500 index have both fallen 1.3 percent on the day, while the Nasdaq, which hosts Facebook shares, is down 2.1 percent.
Facebook suspended Cambridge Analytica on Friday, claiming the firm did not delete the unauthorized data despite demands from the social media company.
The New York Times reported that Cambridge Analytica used the data to craft strategies for reaching and mobilizing potential Trump voters. Special counsel Robert Mueller has reportedly requested all emails between the firm and the Trump campaign.
The report ignited a new wave of political criticism of Facebook, already under scrutiny for its sales of political ads to Russian groups aiming to sway the 2016 election.
Several lawmakers called on Facebook CEO Mark Zuckerberg to testify before Congress, and Massachusetts Attorney General Maura Healey (D) said she would open a probe into Facebook and Cambridge Analytica….