(TheStreet) — Earlier on Monday, Blumenthal tweeted that “Facebook’s failure to secure privacy of private data – that it released – seems a breach of trust and even law…Judiciary Committee should hold open hearings, with Facebook, Cambridge Analytica, and others, under oath and in public.”
Mark Zuckerberg, what’s your status?
After reports that as many as 50 million Facebook Inc. (FB – Get Report) users might have had their data used improperly by a political research organization, the company’s shares are tanking as lawmakers call for Facebook’s CEO to address the scandal, and analysts express concern about the impact on Facebook’s business.
The social media giant’s stock was down more than 7% to $171.95 in afternoon trading Monday after The New York Times reported that Cambridge University professor Aleksandr Kogan improperly gathered information from 270,000 users. Those users volunteered for a “personality test” and their information, as well as that of their Facebook friends, was shared with a group called Cambridge Analytica. The data analytics firm then allegedly used the information for its work on behalf of the 2016 election campaign of President Donald Trump.
Click to continue reading. By Frances Fontana – Mar 19, 2018.