Confirmation of a US Government Probe Pushes Facebook's Market Loss To $90 Billion (qz.com)

The US Federal Trade Commission has confirmed that it is investigating Facebook over its privacy practices, following recent revelations that data firm Cambridge Analytica harvested and exploited tens of millions of users' data without their permission. From a report: Facebook's stock renewed its downward slide, bringing the company's total loss of market value to around $90 billion since the scandal broke 10 days ago. "The FTC takes very seriously recent press reports raising substantial concerns about the privacy practices of Facebook. Today, the FTC is confirming that it has an open non-public investigation into these practices," said Tom Pahl, acting director of the FTC's Bureau of Consumer Protection, in a statement.

Comments

No

[Anonymous Coward]

Facebook's made-up "market value" went down. *POTENTIAL* money was lost. No actual money was lost. RIAA math at work again.

Re:No

[Anonymous Coward]

No, but it seems that the Cambridge Analytica mess spilled over and raised more than a dozen eyebrows, and privacy concerns in the UK and here, as well. The authorities have gone into the CA office buildings before any data could be hosed.

The Reg https://theregister.co.uk/ has described how details and metadata collected would even show how much information, when someone who put FB messenger on an android phone would unwittingly list your phone and text, without you explicitly giving FB this opt-in, simply because your contact had that FB/Android combo.

Re: No

[datavirtue]

Facebook is slinging so much data there is no way they have anything under control. There are probably tens of thousands of people who have access to it--the full set. ...and hundreds of thousands who have retained data sets that were supposed to be destroyed. A true First-World disaster.

It's Back Up

[sexconker]

There were tons of reports of it tanking again today early this morning. Yet minutes after those reports hit, the stock rallied.

It's basically flat for the day. Google and Twitter are up significantly.

I'd like for nothing more than all 3 to tank and die, but it's not happening unless Congress makes it happen. And Congress regulating them will simple establish them further, as competition will be much harder.

Ridiculous valuation

[innocent_white_lamb]

How many businesses could lose $100 billion dollars and still be operating?

Obviously the valuation of this sort of thing is greatly overblown and has nothing to do with real world work or returns.

Double standards

[Anonymous Coward]

It is too bad they won't go after Equifax to the same degree they are going after Facebook.

Re:Double standards

[BlueStrat]

It is too bad they won't go after Equifax to the same degree they are going after Facebook.

If the Trump campaign had some link to Equifax then they, too, would be under the gun.

The ONLY reason Facebook is being trashed is because the Left thinks FB/Zucky helped Trump knowingly or unknowingly. That's it. That's the only reason. The people screaming for investigations had no problem with Democrats using FB data for election demographics purposes, nor did they have any real issues with FB's invasiveness regarding privacy prior other than as a minor side-issue they had to make the right noises about.

I'm happy to see more people becoming aware of the importance of privacy, but the hypocrisy surrounding this shitshow is over 9000.

Strat