Insiders Think That Facebook Will Never Be the Same After the Cambridge Analytica Scandal
Despite Facebook’s efforts to appear up-front in its handling of revelations of misuse of users’ data by Cambridge Analytica — using an approach that has worked in the past — this scandal really is different, and everyone in Silicon Valley knows it, according to Vanity Fair.
“Indeed, the repercussions are massive in both immediate and longitudinal ways,” writes Nick Bilton. “Just a couple of days into the Cambridge crisis, Facebook’s stock has dropped by more than 20 points, which has led its market capitalization to fall by tens of billions of dollars.”
The company and CEO Mark Zuckerberg have been called to testify before Congress and the British Parliament. The FTC and shareholders are pressing legal action, and the company’s plan to expand into China are now less likely.
