Facebook, in free fall, now worth 50,000 M less

The company collapses on the stock market, has relocated its security chief, Alex Stamos, and his former employees have begun to divulge information. Meanwhile, Mark Zuckerberg still does not appear.

A 3D-printed Facebook dislike button is seen in front the Facebook logo, in this illustration

Facebook is going through the most delicate moment of recent years. Afterinformation security training researcher team revealed last weekend the scandal of the consultant Cambridge Analytica, which stole 50 million profiles to the social network to push Trump to conquer the White House, the crisis that is living has only worsened.

Ahead of Facebook’s worst one-day decline since 2012, prompted by news that data affecting 51.3 million members was improperly shared with a political consulting firm, Zuckerberg had been busy selling stock. So far this year, he has sold more than 5 million shares.

Disposing of those Facebook shares FB, -2.56% before Tuesday ended up saving about $70 million, according to Securities and Exchange Commission filings and some arithmetic by MarketWatch. At Tuesday’s close, the 5.4 million shares Zuckerberg has sold this year under a predetermined plan would be worth $910 million. Zuckerberg made about $980 million selling those shares, according to calculations using average weighted prices reported to the Securities and Exchange Commission.

The company collapses on the stock market (it is worth almost 50 billion dollars less than last Friday), has relocated and changed the responsibility to its security chief, Alex Stamos, and his former employees have begun to reveal information that does not favor the company. Now politicians in the US and Europe are already demanding explanations from Mark Zuckerberg that still does not appear.

“Facebook did not have any control over the data that it yielded to developers, once they left their servers, they did not know what was being done with them, it was painful to see all that because they knew they could have avoided it.” Sandy Parakilas, the head of Facebook between 2011 and 2012, said that third companies (such as Cambridge Analytica) did not abuse the private information of the more than 2,200 million users of the social network.

According to an information security training expert and former employee, dozens of companies used techniques very similar to those used by Cambridge Analytica to illegally access (without users’ permission) millions of profiles on Facebook. “It was routine,” he says, noting that hundreds of millions of people, not only in the US but around the world, are affected by this irregularity.

Parakilas is the latest Facebook employee to filter the media in detail, which happened a few years ago in the company of Mark Zuckerberg.

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