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

  • Save
  • Save

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

Visit our Classified ads.

Check out our Classified ads at the bottom of this page.

Recent stories & commentary


For classified advertising rates and terms, click here. The appearance of ads on this site does not signify endorsement by the publisher. We do not attempt to verify the accuracy of statements made therein or vouch for the integrity of advertisers. However, we will investigate complaints from readers and remove any message we find to be misleading or that promotes anything fraudulent, illegal, or unethical.

Notify of
Inline Feedbacks
View all comments