Dubai: As billions of dollars ($52 billion so far) get wiped off Facebook’s market value, we look at exactly what triggered the sell off.
In short, the answer to that is Cambridge Analytica.
The UK-based consultancy was first hit with accusations of possibly unethical conduct when a whistle blower dished out details on how Facebook was manipulated to sway voters in the US presidential election, Brexit referendum, and several other races around the world.
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That was closely followed by a Channel 4 report that showed the company’s executives apparently bragging about their use of propaganda, data mining and generally scurrilous means to help their clients scare people into voting a certain way.
Not surprisingly, warrants were issued.
But is what they did illegal?
Are their alleged activities really that bad?
And more importantly, how careful should you really be online?
We’re joined by Jonathan Richards, Gulf News’ digital strategy director, who tells us more about the dark art of internet manipulation.
We also discuss the distinction between clever marketing and immoral campaigns.
UPDATE
A Facebook Inc. executive briefed all employees on Tuesday on the situation surrounding user data obtained by Cambridge Analytica, which has set off a firestorm for the social network around the world, according to a person familiar with the matter.
Paul Grewal, a vice president and deputy general counsel at Facebook, spoke from the company's headquarters in Menlo Park, California.
He took employee questions about what Facebook knew and when, said the person, who asked not to be identified because the meeting was internal.
Grewal's comments were broadcast to workers around the world via a live video — a common way for Facebookers to present to their coworkers, called an "FYI Live."
Cambridge Analytica CEO suspended
Cambridge Analytica, a British communications firm hired by Donald Trump's presidential campaign, said Tuesday it had suspended CEO Alexander Nix "pending a full, independent investigation".
The move follows allegations the company harvested data on 50 million Facebook users to influence the US presidential election and the emergence of undercover recordings of Nix offering so-called dirty tricks services to potential clients against political rivals.
— Bloomberg / AFP
