Posted on 07/28/2018 9:17:21 PM PDT by BlackFemaleArmyColonel
FACEBOOK TROUBLES GROW – FACING LAWSUIT LIABILITIES OF ...BILLIONS? 30-plus complaints piled up just over Cambridge Analytica
The investor and consumer doubts that sparked a near-20 percent plunge in its market value – some $100 billion plus – isn’t the only concern for the giant web company Facebook these days.
A report at PJMedia outlines the billions in liabilities the company may have because of a number of crises in recent months.
One was the scandal over allowing Cambridge Analytica to breach its users’ privacy and collect data for political purposes.
“The company is facing massive fines and possible government intervention as lawsuits pile up in the U.S. and around the world. In fact, Facebook is facing more than three dozen class-action lawsuits over Cambridge Analytica privacy breaches alone,” the report said. “The looming legal nightmare is so significant that the company felt the need to include a note about it in their quarterly SEC report.”
The company’s stock price hovered around $174 on Friday, down only slightly from where it landed Thursday following its collapse.
At PJMedia, Paula Bolyard noted that the stock collapse happened after the company’s earnings report showed it missed expectations.
The number of monthly users also is “down significantly.”
(Excerpt) Read more at wnd.com ...
There is no reason why the basically powerless FB shareholders should pay for what Zuck has done.
The shareholders have already paid a huge price when the stock got slammed last week.
The money people — the investors and their representatives — will put sufficient pressure on Zuckerberg to force reforms, or they will force him out in order to make reforms that protect their investment in Facebook. In addition, due to Facebook’s fumbles and embedded bias, a market space has opened up for a conservative and libertarian friendly version of Facebook. Plausibly, the investment money should be available to put it together and bring it to market, Indeed, Free Republic or Lucianne.com or both together could provide the core for such a business.
Was channel surfing yesterday and landed a few moments on a Lifetime movie with Vivica A. Fox when a teen was saying she didn’t use FB because it was for old people. The date of the movie is 2018. This is the second time I’ve heard the media say this in as many days. The day before, FOX (IRRC) said only grandmas use it. They are shuttering FB.
Interesting.............
Social media sites are not liable for the content users post IF they do not censor, manipulate and interfere in said content.
Once they start micromanaging the forum by saying “we favor X, we systematically discriminate against Y”, they BECOME liable under the law.
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