Facebook loses $ 64 billion as apps crash, whistleblower opens fire

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Facebook shares collapsed overnight after a whistleblower called the company to ‘harm society’ and a technical glitch saw apps disconnected (Source: Getty)

Facebook hemorrhaged $ 64 billion ($ 46 billion) on Wall Street overnight after the company suffered a major tech crisis that resulted in the downfall of its Facebook, Whatsapp and Instagram apps.

Facebook CEO Mark Zuckerberg lost $ 8.2 billion ($ 6 billion) in a matter of hours when the stock crashed.

While the apps are back up and running, that wasn’t the only thing hanging over the Silicon Valley giant during the US session.

There have also been a lot of reviews after a whistleblower appeared in the United States. 60 minutes slamming Facebook to tear society apart.

Frances Haugen, a former Facebook employee, has filed official complaints with US federal law enforcement over the company’s inaction to tackle disinformation and harmful content on the site.

She said 60 minutes Facebook’s internal research has proven that the company is well aware of the negative effect it can have on the company and chooses not to act so that it can make more profit.

Yet despite the severity of the decline, Facebook shares are already rebounding in after-hours trading – a system in the United States where some trades will still be done after-hours, giving an indication of where they might open. the next day.

Let’s take a look at the current controversy plaguing the social media giant and some of its other major misadventures.

October 2021 – Facebook questioned by a whistleblower

As mentioned, Facebook lost 4.89% in the US session overnight, making it one of the biggest losses the company has suffered.

According to tens of thousands of internal Facebook research documents copied by Haugen, the company is aware that this is hurting the company.

Huagen sat down for an interview with 60 Minutes in the United States. Here are six of his most damning quotes:

  • “What I’ve seen on Facebook over and over is that there was a conflict of interest between what was good for the public and what was good for Facebook. And Facebook has chosen to optimize time and time again for its own sake.

  • “When we live in an information environment filled with hateful, angry and polarizing content, it erodes our civic trust, it erodes our faith in each other, it erodes our ability to care for one another. The version of Facebook that it is today is tearing our societies apart and causing ethnic violence around the world. “

  • “They said [the Facebook employees] we dissolve civic integrity. Basically they said “Oh, well, we got through the election without any riot, we can get rid of civic integrity now.”

  • “I don’t trust that [Facebook] is willing to invest what needs to be invested to prevent Facebook from being dangerous.

  • “[Facebook’s] his own research shows that… it’s easier to inspire people with anger than other emotions.

  • “If they change the algorithm to be more secure, people will spend less time on the site, click on fewer ads, and [Facebook] will make less money.

December 2018 – Facebook comes under scrutiny for privacy breach

Facebook fell around 7% during the month of December 2018 after a number of privacy concerns came to the fore.

The New York Times has obtained documents that the social media giant has secret arrangements to provide users’ personal data to a number of large companies, although it has publicly stated that it has ended the practice. .

In particular, private data allowed large companies to access the personal information and private messages of almost all Facebook users.

March 2018 – Cambridge Analytica Scandal

In one of the largest and most high-profile privacy breaches, Facebook was hammered after discovering that a UK-based data company had abused user data from around 50 million users from Facebook.

In response, Facebook removed access to user data from tens of thousands of apps running on the site.

The scandal led Zuckerberg to address the US and UK parliaments to question how the company protects user privacy.

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