Yikes, does Facebook need to go to “rehab”. They are clearly in trouble. The stock has collapsed, chopping $36 billion off the company’s market value on Monday. By mid-Tuesday morning, it had fallen 10 percent since the scandal broke. What the company expected to be a tough summer storm had turned into a Category 5 hurricane.
Facebook Chief Executive Mark Zuckerberg saw his net worth decline by more than $5 billion since Monday, but it could have been worse.
Ahead of Facebook’s worst one-day decline since 2012, prompted by news that data affecting 51.3 million members was improperly shared with a political consulting firm, Zuckerberg had been busy selling stock. So far this year, he has sold more than 5 million shares.
Disposing of those Facebook shares FB, -1.87% before Tuesday ended up saving about $70 million, according to Securities and Exchange Commission filings and some arithmetic by MarketWatch. At Tuesday’s close, the 5.4 million shares Zuckerberg has sold this year under a predetermined plan would be worth $910 million. Zuckerberg made about $980 million selling those shares, according to calculations using average weighted prices reported to the Securities and Exchange Commission.
People are jumping on Twitter to announce their breakup with Facebook.
The hashtag #DeleteFacebook is trending on Monday after the New York Times reported this weekend that the data of 50 million users had been unknowingly leaked and purchased to aid President Trump’s successful 2016 bid for the presidency.
Twitter was littered with users sharing the hashtag. I will only alert you that it is very difficult to actually delete Facebook, particularly if you actively use it to post content, photos and videos.
Is this the solution for the government to regulate Facebook? How about the free market? I don’t have to use Facebook. No one does.
Facebook‘s founder and CEO, Mark Zuckerberg, said Wednesday he was willing to testify to Congress following revelations that Cambridge Analytica, a data firm that worked on President Donald Trump’s election campaign, improperly obtained information on some 50 million Facebook users via an academic researcher.
“What we try to do is send the person at Facebook who will have the most knowledge about what Congress is trying to learn. So if that’s me, then I am happy to go,” Zuckerberg said in an evening interview on CNN. “What I think we found so far is that typically there are people whose whole job is focused on an area. But I would imagine at some point that there will be a topic where I am the sole authority on, and it will make sense for me to do it.
Source: Zuckerberg says he’s ‘happy’ to testify before Congress – POLITICO
Now consider this from TechCrunch: Now would be a good time for Mark Zuckerberg to resign
Facebook is at the center of a dozen controversies, and outrage is peaking. The social network has failed again and again at expanding beyond a handful of core features. Doubts of its usefulness, and assertions of its uselessness, are multiplying. A crisis of confidence at multiple levels threatens the company’s structure and mission. Now is the time for Mark Zuckerberg to spare himself the infamy and resign — for Facebook’s sake and his own.
I’m not calling for his resignation, and I don’t say this out of any animus toward Zuckerberg; I personally believe him to be genuine and driven in his stated desire to connect the world — but likely increasingly frustrated by the unexpected consequences of this naive ambition and the haste with which he has pursued it. I just think that it has come to the point where the best way for him to advance that ambition is to leave.
There are three major reasons why.
Source: Now would be a good time for Mark Zuckerberg to resign | TechCrunch