Just how bad is it at Facebook? Consider this—in just 45 days, Facebook lost over $140 billion in market capitalization. The stock dropped from $217 on July 25, 2018 to $162.53 on September 6, 2018. And now, nearly half of millennials along with nearly 10 percent of all Americans have deleted their Facebook accounts.
The question to ask is why Facebook is losing billions of dollars and millions of users. There are multiple reasons for the exodus; here are just a few:
• Facebook admitted the data firm Cambridge Analytica gained unauthorized access to up to 87 million users’ data, mainly in the United States.
• As of July 2018, Facebook was still sharing private information about its users with dozens of app developers and other companies without user consent, despite having said earlier this year that it was cutting off such access.
• Unapproved sharing first came to light in June, 2018, when it became clear that Facebook shares data with phone manufacturers. Facebook admitted that some of these partners were Chinese, raising fears of espionage.
• Bi-annual Facebook privacy audits reveal that Facebook regularly uses unfair and deceptive practices with private data without user consent.
• Facebook CEO Cheryl Sandberg admitted during recent Senate hearings that Facebook is using biased, left-leaning third party “fact-checkers,” including Snopes and Politifact as a resource to ban and censor user opinions on Facebook.
• Facebook has set up biased, internal “safety and security” employees to monitor and, in many cases, ban Facebook subscribers.
• Facebook is internally confirming identities and determining which users have a legitimate right to have a Facebook account.
These and other confirmed cases of data-sharing without user consent, the termination of user accounts using internal and biased assumptions, and the potential exposure of user data to foreign and national entities have driven Facebook users away by the millions.
(Source: Christian Newswire)