Very Bad News for Facebook and its susers.

[Geek-9pm]

Read this report from CNBC:

▐  CNBC's Jim Cramer says the negative Facebook headlines make Wall Street "sick" of the tech stock.
▐  There is some sentiment among investors that Facebook is "the worst of the FAANGs," Cramer adds.

Cramer's trust recently sold some Facebook stock: People are 'sick' of the bad headlines

Any comment?

[whattherecord]

I don't actually see anything special in it, just a regular stock trading chatter...

[Geek-9pm]

The mass media is giving Facebook a lot of coverage. Most of it is very  negative. It is,to say the least, scandalous in a big way. Read this:
Everything that's going wrong for Facebook right now
Some quotes:
1. Federal probe
The Federal Trade Commission has dinged Facebook in the past for being deceptive about users' privacy. The 2012 settlement was essentially a promise by Facebook to do better.
....
2. Four state attorneys general investigate

Massachusetts Attorney General Maura Healey announced she was launching an investigation into Facebook and Cambridge Analytica the same day the story was reported.
...
3. 37 AGs demand answers

Attorneys General from 37 states have written to CEO Mark Zuckerberg asking for detailed information on Facebook's privacy practices. Likely some of them are considering launching formal investigations as well.
End of quotes.
The above CBS report has more text and video.
Also, the link above has a graphic about the stock drop. This is not about some small company going down. This is  about a huge company that is a major part of current trends. Graphic attached.

[attachment deleted by admin to conserve space]

[pamela2]

Well, to be honest, Facebook really does intrude a lot on privacy. I've been using Facebook for around 8 years or so, but recently they've been making "friend suggestions" of people who are within my neighborhood and also any friend of a person who logged into my computer. I assume that these people will also be getting the same suggestions as I am. Even people I see on the bus while going to work is getting suggested.

I'm not big on privacy, but that's just plain creepy. I've deactivated ever since then.

[Geek-9pm]

The news media are now really tearing into Facebook.
Washington Post:
https://www.washingtonpost.com/news/the-switch/wp/2018/04/10/mark-zuckerberg-facebook-hearing-congress-testimony/?noredirect=on&utm_term=.81e70f9340cc
Wired:
https://www.wired.com/story/mark-zuckerberg-congress-facebook-troubles/
Fox News:
http://www.foxnews.com/opinion/2018/04/10/facebooks-zuckerberg-is-sorry-about-your-data-now-heres-how-to-protect-it.html

He lost a lot of money:
http://time.com/money/5233537/mark-zuckerberg-net-worth-cambridge-analytica-facebook/

Mark Zuckerberg’s net worth is down a whopping $15 billion from its recent peak, according to Bloomberg. Could congressional testimony put him even further in the red?

He is sorry. 

[soybean]

Mark Zuckerburg has given a strong performance in his appearances before Congressional committees and Facebook's stock was strongly upward in the market yesterday and again today.  So, too early to make any judgement about the future of Facebook.   

[pamela2]

It's very doubtful that it will completely crash because people will still use Facebook despite this news, in fact, the common people won't really care until someone that matters to them goes ahead and speaks out about it. Otherwise, they just see the government attacking another company.

[Geek-9pm]

pamela2,
The accusations are, arguably,  the most scandalous ever.
Some have even gone so far as to implicate Facebook in some kind of international conspiracy to influence the USA presidential election of Donald Trump.

The mass media now have this story going around:
https://www.usatoday.com/story/news/politics/2018/04/20/democratic-party-sues-russia-trump-campaign-and-wikileaks-alleging-conspiracy-influence-2016-electio/536032002/

The above link does NOT even mention Facebook. Which is odd.Earlier stories mentioned Facebook as part of the plot.

Here is a earlier story that includes Facebook:
https://www.wired.com/story/facebook-does-not-know-how-many-followers-russian-trolls-had-on-instagram/

For more than a year, Jonathan Albright has served as something of a one-man General Accounting Office for the tech industry. The researcher at Columbia University's Tow Center for Digital Journalism has dug into the details on how political Twitter trolls manipulate the media, and unearthed an intricate web of conspiracy theory videos on YouTube.

And..

Facebook told Congress last fall that it had deleted 170 Instagram accounts linked to the IRA. Albright found 27 of the accounts, confirming they were Agency accounts by cross-referencing against Congressional exhibits or media mentions. He downloaded data on those sites in October using a social media analytics site called SocialBlade and found they had nearly 2.2 million followers combined.

It might get worse.
Or maybe it will pass. Hard to say.
Who has the most money?