Listen Now: Facebook’s Woes
One of the world’s biggest social media sites is coming under fire for being a little too social.
The hashtag #deletefacebook has been trending once it was discovered the personal data of fifty million users had been compromised. Now northern california shareholders have filed a class action lawsuit against the company claiming it made false or misleading claims against its handling of user data.
This comes after revelations that Cambridge Analytica, an analytics firm, accessed the private data and used it to influence online ads and influence elections. The class action suit by shareholders says that failures to disclose the situation before it was made public by the press has caused the value of their shares to drop.
In addition to all of that bad news, the states of New York and Massachusetts are demanding facebook hand over all the information it has regarding Cambridge Analytica and want CEO Mark Zuckerberg to testify before congress. As for Cambridge Analytica, the company has suspended its CEO after he made some unsavory comments about politicians and sex workers.
With friends like these who needs enemies?
CBS News Radio national business journalist Brian Banmiller has spent more than 40 years in the news industry, covering business, politics and the economy on television, radio and in print. Currently, his “Banmiller on Business” reports are delivered to an audience of millions nationwide.
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