Facebook Lost $40 Billion After Allowing Private Company to Data-Mine 50 Million Accounts

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Jake Morphonios explains how Facebook lost 7% of its value, $40 billion, following news that it allowed UK company, Cambridge Analytica, to data mine for political candidates. In 2016, the company was paid $6 million to mine 50-million Facebook accounts on behalf of presidential candidate Donald Trump. The information was used to craft messages to manipulate voters based on their views expressed on Facebook. Cambridge contracts with private intelligence agencies to conduct highly unethical operations, including the use of bribery, sexual entrapment, and blackmail. Trump became the beneficiary of large campaign donations from the Mercer family, which is a major stockholder of Cambridge Analytica. His initial policy advisor, Steve Bannon, was a Vice President of Cambridge Analiyica. [If you think politics produces strange bedfellows, this commentary will provide you with lots of support for your convictions.] Morphonios concludes with the view that the huge loss by Facebook because of the operations of Cambridge Analytica could be the pin that will pop the economic bubble and do it very soon. -GEG

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