“Facebook tumbled 7% on Monday, helping to pull the tech-heavy Nasdaq 1.8% lower and S&P 500 1.4%. It was the Nasdaq’s worst day since February 8…
“Facebook is under pressure from lawmakers in both the United States and the UK after more than 50 million users’ data ended up in the hands of data firm Cambridge Analytica.”
Notice the passive construction of “ended up in the hands of”. ‘Tis a mystery how it happened, innit? Come on CNN, you can do better.
The data Cambridge Analytica got is the information Facebook provides to advertisers by design. Cambridge Analytica used that data in ways Facebook didn’t anticipate. Or probably more accurately, Faceberg never anticipated there’d be outrage.
Facebook is in serious merde. This Cambridge Analytica scandal shows us, conclusively that Facebook must be heavily regulated. And THAT is what the market reacted to.
I say this with love and peace in my heart: Burn Facebook to the ground.
— Robert McNees (@mcnees) March 19, 2018
…and salt the earth afterwards.