Facebook loses $60 Billion in market value
Facebook shares fell 11.4% compared to Friday’s closing price last week.This because of Facebook’s disclosure that a firm with ties to the 2016 Trump campaign had improperly kept user data. The firm, Cambridge Analytica, had allegedly gained access to private information from 50 million Facebook user profiles without permission. The company developed techniques for work on the Trump Presidential campaign. The self revelation wiped an estimated $60 billion off its market cap.
Of course, the craziness is, advertisers will continue to spend despite the issues because people will still belong to and use Facebook.
Shouldn’t Facebook be spending more in OOH?
If you are calling on Facebook or know or even heard of someone calling on Facebook on behalf of OOH, please let me know. You don’t have to tell me who or what. We would like to know.
If you are calling on Facebook or know or even heard of someone calling on Facebook on behalf of OOH, please let me know.
The really bad news is for the folks at Cambrridge Analytica. Breaching data rules is a big deal for so many reasons. Privacy aside, the data does not belong to them. The integrity of the data owner becomes compromised. Hence devalues Facebook $60 Billion.
“The fallout against the marketing analytics firm that allegedly breached Facebook’s data rules in order to help politicians win elections continues. The UK privacy watchdog has ordered that Facebook’s own investigators must vacate Cambridge Analytica’s offices to preserve the “integrity” of its planned raid. Facebook, which has been deeply criticized for failing to protect user data, has so far seen its share price slide nearly 10% on the news. Cambridge Analytica, meanwhile, has said it deleted the data once it realized it had breached Facebook’s policies and denied that it was used by the Trump campaign.”
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