Which is a British political consulting firm which combines data mining, data brokerage, and data analysis with strategic communication for the electoral process A Whistleblower revealed that Cambridge Analytica was buying Data worth of 50 million users from the infamous
the biggest social media platform, This incident resulted in a major trust breach which caused facebook’s stocks to go down by a high percentage. Mark Zuckerberg lost 10 billion dollars in this privacy scandal but he recovered hundreds of millions of dollars by selling some of his shares at the right time.
Mark Zuckerberg said: “This was a major breach of trust and I’m sorry that this happened”. He also said he is going to take measures to ensure that something like this will not occur in the future. Mark Zuckerberg said a developer sold this data to Cambridge Analytica then which the data was used in Donald Trump‘s Ad campaign toolset which helped him to be elected in the Presidential Elections. People all around the world were shocked especially citizens of America that their privacy was compromised from 2014 and Facebook didn’t make this public. This data was used to put a person at the top of America. Mark Zuckerberg suffered a lot, with numerous lawsuits, governmental inquiries, a #DeleteFacebook, campaign, and a drop in share price which resulted in company’s loss of $50 billion Market Cap.
Members of several committees have urged to bring Mark Zuckerberg to Congress, saying Mark Zuckerberg’s public apology and explanation was inadequate. And Mark was formally requested for an appearance and his statement said that he would be happy to testify as CEO of Facebook.
Mark Zuckerberg promised that this kind of Data Scandal won’t happen again but still this kind of trust breach is unbearable for some people. People use Facebook regularly in a day and all of that data could be used in a monopoly. It is a Terrifying Thought.
The data was sold in 2014 by a developer and Facebook did not make this public soon after recently people have discovered that the data was sold, Mark Zuckerberg said: “They had taken the important steps” to ensure the privacy of the users. But users were disappointed and furious that Facebook didn’t tell them anything about it.