Social media giant Facebook is under fire just after reports erupted that it allowed improper access to the user data of more than 50 million subscribers to a British data analysis company – Cambridge Analytica – in activities allegedly connected with the US President Donald Trump during his 2016 campaign. Just after the news broke out, Facebook shares tumbled 6.8 percent on Monday resulting in company’s founder and CEO Mark Zuckerberg losing $6.06 billion losses in a single day. Now, the UK authorities have began with a probe. British Information Commission is seeking a warrant to raid offices of Cambridge Analytica, Reuters reported.
An explanation has been sought from the company by the US and European lawmakers too on how the consulting company accessed the data in 2014 and why Facebook failed to inform about the same to the users, Reuters reported. Facebook shares closed at Rs 168.15 down 2.56 percent on NASDAQ on Tuesday. The shares closed at $172.56 down by 6.77 percent on Monday.
The US Federal Trade Commission is also probing data breach, reported Bloomberg. Ireland, that is the lead regulator for Facebook in European Union, is also probing the matter, Reuters reported. Meanwhile, social media company has said that data was harvested by a British national through an app that was downloaded by 270,000 people, Reuters said. The social media company has hired forensic auditors to probe and evaluate whether Cambridge Analytica still had the data, the report addded.
Meanwhile, Cambridge Analytics, the firm accused of data theft, has said that it has offered to share all the information that is needed and for the ICO to attend company’s office voluntarily, Reuters reported.
Despite the carnage at the bourses the co-founder and CEO of Facebook, Mark Zuckerberg is still the fourth richest in the world. He is behind Jeff Bezos, Bill Gates and Warren Buffet, according to Bloomberg. The Harvard dropout is an internet entrepreneur who currently operates as Facebook’s chairman and chief executive officer.