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Facebook loses $60 billion in two days over data protection controversy


MOHAMMAD ASAD KHAN 22/03/2018 16:45 PM
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Facebook loses $60 billion in two days over data protection controversy- Newstimes News

Washington, Mar 22: Social media giant; Facebook, lost $60 billion of its stock market value in just two days. People started deleting facebook after the news of the violation of data protection rules in 2016 US presidential elections came up.

This comes after Cambridge Analytica, a data analysis and political consulting firm is being investigated over involvement in improper use of 50 million US Facebook user's personal data for targeting the voters. CA was working for President Trump in 2016 election campaigns.

   How did it happen

Chris Wylie, an ex-employee of Cambridge Analytica revealed details of the company to journalist Carole Cadwalladr last weekend. According to him, personality profiling app 'thisisyourdigitallife' was built by Aleksandr Kogan of Cambridge University. CA used this app to acquire the data of its users in 2014. Although the app was downloaded by just 270000 people, but it also grabbed the data from the 'Facebook Friends' of these users. This allowed CA to collect the data of 50 million users without their consent. Later on, this data was used to target the voters via information campaigns.

On the other hand, Alexander Nix, CEO of Cambridge Analytica (now suspended) also revealed some questionable election strategies to an undercover reporter. These strategies included CA using women to offer attractive deals to politicians and later on discrediting the candidate by posting videos of such deals.

   What next?

As CA and their partners have been involved in campaigns all around the world, they are being investigated by the UK's electoral commission for its role in Brexit Referendum. In US, Special Counsel Robert Muller, is also investigating CA's role in elections as well.

The US Congress has asked Facebook founder Mark Zuckerberg to appear before them and also European Parliament has said that it will investigate the matter.

Zuckerberg has accepted that Facebook has made a mistake in Cambridge Analytica and ensured that Facebook is committed to stop interference in Indian elections.

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