Wednesday, October 20, 2021

Facebook and the Facebook meltdown (links, teaser)

Here’s a roundup of links from The Wall Street Journal, when it comes to the Facebook scandal. FIRST DAY OF FACEBOOK SCANDAL It started with stories about Facebook letting Verizon sell data on children without parental consent. The day was defined by Facebook CEO Mark Zuckerberg’s apology to senators. Top executives told top executives not to tell Congressional committees Facebook wasn’t using personal data

improperly collected from tens of millions of users for political ads as the social media giant tries to turn the page. Facebook’s share price fell as much as 12% to a 13-month low of $180 a share. Shares fell 5% on Thursday after the Senate, the UK’s Information Commissioner’s Office and France’s National Assembly launched investigations into the company. Social media companies may have used more of your personal

data than it appears you did. Zuckerberg said he wants to quickly put together what he calls a “systemic reform package” to ensure users know what data Facebook is collecting and using. COMING TROUBLE FOR BRITISH COMPANIES It’s a tough week for the British media as News Corp. reveals the biggest hack in its history while U.K. advertising returns to Facebook. With revelations that data on millions of Facebook users

has been passed to Cambridge Analytica — the company being accused of playing a part in the “Brexit” referendum — this could deal a blow to the advertising industry. This week the U.K.’s first payments company Klarna, founded by Marc Lasry, failed to complete its acquisition of financial messaging platform Powa Technologies. On top of this, News Corp.’s Sun newspaper alleges a hacking incident took place in a Big

Issue store in London. GET USED TO IT: WATCH YOUR BACK ONLINE Cambridge Analytica poached the top editor of the conservative campaign organization Make America Awesome on Sunday to advise Facebook, BuzzFeed News reported. The hire comes at a time when the Facebook stock is down about 8%, amid concerns over the company’s impact on democracy. The fallout comes ahead of Facebook’s first earnings report since it was

subpoenaed by Congress to explain its relationship with the online advertising network Cambridge Analytica. LAPTOP CASE STUDY Rebecca Abrahamian was the vice president for external policy for Microsoft (MSFT) and weatched control of the company. She’s since left for UPS (UPS) as the vice president for U.S. procurement. But it wasn’t all smooth sailing at Microsoft, and we want to see if you can piece together where

all of the components went wrong before the company’s earnings came out. Facebook stock continues to nose dive, but Alissa may not want us to focus on that. Check back here for updates on what she has to say.

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