ZUCKERBERG SAYS NOTHING. Zuckerberg Speaks Out – By Todd Horwitz, Bubba Trading

 

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Facebook Inc. Chief Executive Mark Zuckerberg broke his silence five days into a growing uproar about how outsiders handle Facebook’s user data, admitting mistakes and pledging an investigation but failing to calm some who thought he should have gone further in his remarks.

The growing controversy has shaken the social-media company, knocking its stock price lower and prompting renewed calls for governments to better regulate technology businesses that hold enormous quantities of information about their users.

Mr. Zuckerberg, in a post Wednesday on Facebook, said the company has already taken many steps to address user privacy in recent years, but he said, “we also made mistakes, there’s more to do, and we need to step up and do it.”

News broke this weekend that Cambridge Analytica, a data firm with ties to President Donald Trump’s campaign, reportedly accessed information from about 50 million Facebook users without their knowledge. Facebook says the data was initially collected by a professor for academic purposes in line with its rules. The information was later transferred to third parties, including Cambridge Analytica, in violation of Facebook’s policies.

The controversy wiped away nearly $50 Billion from Facebook’s stock price earlier this week and prompted politicians on both sides of the Atlantic to call for Zuckerberg to testify Facebook is now facing lawsuits from investors and users as well as a “delete Facebook” movement. The latest member of the latter: Brian Acton, the cofounder of WhatsApp, which Facebook acquired for $19 billion in 2014.

“I started Facebook, and at the end of the day I’m responsible for what happens on our platform,” Zuckerberg said. “We will learn from this experience to secure our platform further and make our community safer for everyone going forward.” Sheryl Sandberg, Facebook’s COO, also spoke out for the first time since the scandal erupted, calling it “a major violation of peoples’ trust.”

Keep those stops tight
Todd “Bubba” Horwitz

IN ASSOCIATION WITH

Financial & Political Commentary

 

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About the author

Todd Horwitz - Author of “Average Joe Options“. Todd began his trading career in 1980 at the CBOE. He was one of the original traders in the OEX & helped start the SPX. He is a member the CME where he trades S&P futures as well as foreign currencies & is a regular contributor to CNBC, Bloomberg, BNN, Fox & many other major news networks.