THE LATEST THINKING
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Are We Witnessing the Downfall of a Social Media Giant?
It hasn't been long since news dropped on the latest social media scandal on regarding Facebook, and swift action is already being taken.
In what seems like a whirlwind of misinformation and pointed fingers, several stories have recently dropped detailing an incredibly serious data leak from Facebook. What makes this data leak particularly worrisome, is that it contained the private information of some 50 million users, or the entire populations of Texas and New York combined.
Cambridge Analytica, a British consulting firm that combines data and politics, is currently under the microscope for sucking this data from Facebook users through a quiz app connected to Facebook. It is currently alleged that Cambridge Analytica committed this data "crime" sometime back in 2014, eventually using the data collected to help influence the 2016 Presidential Election. Even though the current evidence seems to paint Facebook as the victim and Cambridge Analytica as the aggressor, the data of millions of people was wrongfully taken, and someone has to ultimately answer for it. Enter Facebook founder Mark Zuckerberg. While Mr. Zuckerberg has sent out apologies in the form of full-page newspaper ads, there are undoubtedly some major consequences to come. The Federal Trade Commission is in the middle of investigating the incident, undoubtedly worrying scores of investors.
The Social Media Giant recently saw its shares drop by an astonishing $60 billion over fears that hefty fines and strict advertising regulations are headed its way. Auto Repair chain Pep Boys has announced its' intention to halt advertising on Facebook, as well as Sonos, and Commerzbank. While these companies only plan to pause their relationships with Facebook until further details come to light, it is no doubt a firm stance to take against the social media giant.
Brian Acton, co-founder of Whatsapp, wrote a very blunt tweet after the allegations against Facebook and Cambridge Analytica first arose. At the end, he adds the hastag #deletefacebook. The hashtag currently hasn't gained much ground on Twitter or Instagram, with only a few thousand instances popping up, but this could change after the investigations into the data breach incident are complete. Another tech genius, Elon Musk, one of the brightest minds in America today, took his stance against Facebook, making sure that the Facebook pages for both Tesla and SpaceX were to be deleted, which he openly broadcast on Twitter.
The idea of just simply deleting Facebook isn't really as easy as it sounds. Several of the applications that smart phone users access on a daily basis require you to log in with your Facebook account. You would, in essence, lose access to hundreds of apps by deleting your Facebook. Some business owners depend solely on Facebook to drive traffic to their services, and others simply value the commodity of being able to connect with friends all over the world.
However, one thing is for certain: After the Federal Trade Commission releases a detailed report, and Mark Zuckerberg attends his congressional hearing next month, a lot of damning information could come up to the surface. It might be just enough information to topple Facebook once and for all.
In the wake of Facebook’s Cambridge Analytica data scandal , some high-profile companies have suspended ties with the...