WHAT THE F%#K ZUCK! FACEBOOK GET'S SUED AND LOSES $50 BILLION AMID DATA HARVESTING SCANDAL
I want to start by lifting brother Zuckerberg up in prayer because I know he is indeed in need of it. I mean it is one thing to lose a few dollars, but according to CNN Money, the Facebook stock has lost nearly $50 Billion in value this week already. And to make matters even worse, his investors are now suing the social media powerhouse.
CNN Money reports that on behalf of an undisclosed number of shareholders who purchased shares between the period of February 3,2017 thru March 19,2018, Facebook shareholder Fan Yuan has filed a lawsuit in federal court on Tuesday in San Francisco. The lawsuit that Yuan filed stated that Facebook "made materially false and misleading statements" about their policies, and Facebook also left out of the conversation that they allow 3rd parties to access the data of millions of people without them having idea that somebody all in they business. The lawsuit also stated "As a result of Defendants' wrongful acts and omissions, and the precipitous decline in the market value of the Company's common shares, Plaintiff and other Class members have suffered significant losses and damages,".
This is all stemming from Cambridge Analytica, the data firm , getting data on 50 million Facebook users. This has not only caused the lawsuits, but it has also made Facebook take a real live dive in the market. It has lost almost $50 Billion in value in just this week. And you know how they say if you cut the head the body will fall, well Facebook losses has also leaked into the broader market of tech and social media. Twitter (TWTR) is down 10% and Snap Inc.(SNAP) is down 3% as of Tuesday.
While Everybody, especially the politicians, from the United States to the United Kingdom are waiting for Facebook CEO Mark Zuckerberg to respond to the scandal, Facebook deputy general counsel, Paul Grewal, stated that Facebook is "committed to vigorously enforcing our policies to protect people's information." (Uhhhh so then why are we here if that's the case...Oh sorry ya'll, thinking out loud.)
As the story develops, we will keep you all updated. And Mark..... Mark..... Jesus is on the main line, I think you should tell Him what you want. Just Saying.