Facebook is facing crisis. All after it was revealed that an outfit called Cambridge Analytica managed to obtain data for 50m users under false pretenses. This sparked a fury and many negative headlines. This social platform is no stranger to controversy.
Concerns over foreign meddling in elections, fake news and censorship have managed to unite users and lawmakers of all political persuasions.
It comes at a time when a growing number of users are already engaging less and less with this social platform.
Many investors sold Facebook stock last week.
Also, people associated with Facebook are turning on the company. For example, Brian Acton, the co-founder of WhatsApp. Also, Mark Zuckerberg is out of his comfort zone at the moment. He conducted a CNN interview. Itwas followed by full-page apologies in major newspapers in the U.S. and U.K. The Federal Trade Commission confirmed that it has opened a non-public investigation.
Many advertisers are starting to press pause. There’s the chance that as Facebook is put under the biggest microscope at the moment. New and stronger regulations are needed badly.
Marketers are preparing for major changes. The incident leaves the whole industry incapable of policing itself. We are shure Facebook is not going to go down without a fight. Even if they resign themselves to greater regulation.