A recent survey conducted by technology research group Techpinions found that 9% of 1,000 U.S. Facebook users said they had deleted their profiles completely due to privacy concerns in the wake of the Cambridge Analytica scandal.
Facebook's irresponsibility isn't merely an abuse of a personal relationship - what its chief executive, Mark Zuckerberg, called "a breach of trust between Facebook and the people who share their data with us" - but also an abuse of a civic relationship. We are sticking with our wide-moat rating and $198 fair value estimate for Facebook.
Lawmakers said repeatedly they think Facebook should probably be regulated. He also said that the firm will be increasing resources to investigate apps and take appropriate actions. A survey this week of 1,000 respondents representative of the US population in gender and age, found that while only 9% of panelists deleted their account altogether, "there are less drastic steps users are taking that should be worrying as they directly impact Facebook's business model", wrote Carolina Milanesi of Creative Strategies, a market intelligence firm based in Silicon Valley that conducted the survey.
Overall, the testimony didn't really change our view and valuation on the company.More news: Kim Kardashian held Khloe's leg as she gave birth
Zuckerberg said that Facebook allows people to decide whether and how they want their information shared.
In its 2017 annual financial report, Facebook said, "We generate substantially all of our revenue from selling advertising placements to marketers".More news: Warriors taking on Spurs in Game 1 of NBA Playoffs
Is it just me, but did Mark Zuckerberg look scared and miserable when he testified before Congress over that data mining scandal? "These [requests] were for access to personal data collected through their Custom Audiences and tracking Pixel tools", Dehaye wrote in a March 8 email to the U.K. Parliament.
As for the federal Russian Federation probe that has occupied much of Washington's attention for months, he said he had not been interviewed by special counsel Mueller's team, but "I know we're working with them". Zuckerberg asserted that Facebook did not sell data. In May 2017, the European Union turned its sights on Facebook, fining the company $122 million for misleading regulators about the way it planned to handle user data after acquiring the messaging service WhatsApp.
However, in a series of questions on how people can remove data from Facebook, Mr Zuckerberg said Facebook does "collect data on people who are not signed up for Facebook for security purposes". What do the experts studying our behavior on Facebook have to say?
During his hours of give-and-take with lawmakers, who for the most part were alarmingly ignorant about the digital world, Zuckerberg was careful not to agree to anything that would undermine Facebook's primary source of revenue, which is taking user data and making lots of money from it.More news: Jamaal Lascelles 'Focused' on Newcastle Amid Chelsea Rumours, Says Rafa Benitez
Congressman Billy Long [R] put it best, telling Zuckerberg: "You're the one to fix this". For example, Facebook tracks your activity across websites outside the platform, including not just what sites you visit, but whether you've made purchases or shared information with a company-that's how it knows what ads should be targeted to you.