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  Geebo 9:00 am on July 30, 2018 Permalink | Reply
  Tags: earnings ( 2 ), Facebook, lawsuit ( 47 )   

  Facebook sued by shareholders over after stock plunge 

  

  As if losing $150 billion in last week’s stock drop wasn’t enough, Facebook is now facing another threat to its bottom line. A number of class action lawsuits have been filed against the social media industry leader by major shareholders of the company. The lawsuits allege that Facebook misled shareholders in the time leading up to last week’s biggest ever stock drop in US history.

  Three lawsuits have been filed in New York while one has been filed in California. These suits allege that Facebook understated the cost of complying with the EU’s GDPR privacy laws, and the lack of disclosure over the monetization of Instagram Stories which the lawsuits claim Facebook allegedly overstated its success.

  It also doesn’t help Facebook that many of its top executives sold off large amounts of their stock during the second quarter of the year, the same quarter where Facebook earnings fell causing the historical stock drop. Some of those executives include Mark Zuckerberg himself and COO Sheryl Sandberg. While these sales were not considered to be insider trading, the timing of the stock sale couldn’t be more inconvenient for Facebook.

  Whether or not these lawsuits will have any major financial impact on Facebook remains to be seen. After the stock dropped last week, many financial analysts were urging new investors to jump on the stock after the drastic price decrease. Before we know it, it could be business as usual again at Facebook in little to no time.

   

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  Geebo 9:08 am on July 26, 2018 Permalink | Reply
  Tags: earnings ( 2 ), Facebook, privacy ( 46 )   

  Facebook loses market value over privacy but not in the way you might think 

  

  Yesterday, during an earnings call Facebook announced that the company fell short of projected earnings. While Facebook’s revenue grew by 42 percent over the same time last year they fell short of their $13.3 billion projection by ‘only’ making $13.2 billion. That mere $100 million loss caused Facebook stock to dive around 20% and cost the company close to $150 billion in value. One could rightly assume that the market loss had to do with Facebook’s many privacy and security issues since the 2016 Presidential Election, but many analysts say that’s not the case.

  Many market analysts say that Facebook’s improvement to privacy and security has caused the loss stating that Facebook can’t make money from privacy. It also doesn’t help that the number of Facebook users has leveled off. While it still holds the lion’s share of social media users in the world many are leaving the platform and Facebook isn’t bringing in new users as many young people becoming new users to social media are foregoing Facebook.

  That’s not to say that Facebook is on the verge of bankruptcy by any means. Facebook also owns the widely popular apps of Instagram, WhatsApp, and Messenger, which many end users don’t really consider as being a part of Facebook. As Slate points out if Facebook can survive this year’s election cycle without a major scandal, and that’s a mighty big if, they could be back on the road to profitability. Whether or not Facebook can strike a balance between privacy and profit remains to be seen. It seems that if there was a new social network ready to make Facebook its MySpace, now might be the time to strike.

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  Geebo 9:00 am on July 23, 2018 Permalink | Reply
  Tags: Crimson Hexagon, data breach ( 32 ), Facebook, privacy ( 46 ), surveillance ( 2 )   

  Facebook is facing yet another privacy problem 

  

  Once again Facebook finds itself embroiled in controversy over the possible abuse of user data. If you’ll recall, Facebook was admonished by both the US and UK governments when it was discovered that analytics firm Cambridge Analytica had improperly obtained the personal data of 87 million Facebook users. Now, Facebook has suspended a research firm from accessing its data over surveillance concerns.

  Over the weekend, Facebook suspended its contract with research and marketing firm Crimson Hexagon. This was in response to a Wall Street Journal article that claims Crimson Hexagon has contracts with entities that have ties to US and Russian government agencies. Facebook has suspended Crimson Hexagon’s access to user data over fears that the data is being used to conduct government surveillance on Facebook users. Crimson Hexagon denies this claim and says they only get their information from public Facebook posts. However, it is a bit disconcerting that Crimson Hexagon has over 1 trillion of these posts in their databases.

  Besides the fact that this may be another case of Facebook being unable to keep track of who has its data, there’s another concern here. Facebook is only reacting to these potential breaches only after its brought to their attention by the media. By the time Facebook becomes aware of the problem, the data is already in questionable hands. Is Facebook not properly vetting these data collectors, or does Facebook just not really care about our privacy as long as they’re being paid for our information? Then again, the Cambridge Analytica scandal didn’t seem to hurt Facebook so it’s unlikely this latest kerfuffle will either. What will it really take before the American public realizes that Facebook’s only interest is in itself?

   
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  Geebo 9:02 am on July 19, 2018 Permalink | Reply
  Tags: Facebook, fake news ( 12 ), violence ( 2 )   

  The false dichotomy of fighting fake news on Facebook 

  

  Previously, I’ve posted about how Facebook is used in countries like Myanmar and Sri Lanka to not only discriminate against religious minorities but to also commit violent acts against them. More recently in India, a carefully edited video that spread on Facebook-owned WhatsApp has led to the brutal mob murder of a man who people thought was a child kidnapper.

  Facebook CEO Mark Zuckerberg has come out and claimed that Facebook will be taking steps to remove fake news from its platform that could potentially incite violence in these areas. However, in the same relative time frame, Mr. Zuckerberg said that Facebook groups that espouse the belief that the Holocaust from World War II was a hoax are allowed to remain on Facebook. Holocaust denial could be considered the modern origin of fake news that could incite violence yet that’s allowed to remain on Facebook.

  Once again, Facebook is trying to be all things to all people while holding two opposing viewpoints at the same time. In the George Orwell novel 1984, this practice was known as doublethink. Considering the global reach of Facebook, the comparison of Mr. Zuckerberg to the fictional Big Brother seems more than apt. However, as I mentioned in my last post about Facebook, Holocaust deniers are exactly the kind of users that Facebook seems to covet more since groups like that keep people more engaged in the platform.

  The decision to fight hate speech and disinformation on Facebook is something that should have happened years before it got to the point where people were being killed around the globe. Now, it’s too late and Facebook refuses to enact any real change to make a difference in the matter.

   
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  Geebo 9:03 am on July 17, 2018 Permalink | Reply
  Tags: Channel 4, content moderation ( 5 ), Facebook, Inside Facebook: Secrets of the Social Network, objectionable content ( 2 )   

  Documentary: Facebook needs controversy to survive 

  

  Have you ever seen something posted on Facebook that was so offensive that you actually took the time to complain to Facebook? I did once. I saw a post accusing a man of a horrible crime even though there was no tangible evidence to support the claim. That was three years ago and this particular post has since been shared millions of times as if it was fact. For all I know, this man’s life could have been ruined due to false accusations. The response I got from Facebook on multiple occasions on why the post wasn’t deleted was because it did not violate their nebulous ‘community standards’. Now, a soon to be released documentary claims this is par for the course when it comes to Facebook moderation.

  British TV broadcaster Channel 4 had a journalist go undercover in a firm that is contracted to moderate Facebook content. The documentary entitled “Inside Facebook: Secrets of the Social Network.” claims that Facebook allows controversial content like this to proliferate on its network because it keeps people more engrossed in Facebook’s walled garden. This, in turn, is said to increase Facebook’s revenue through advertisements. That makes it sound a lot like Facebook is profiting from the suffering of others since most of the controversial material that isn’t deleted consists of instances of child abuse according to Business Insider.

  In a world where discourse is becoming increasingly toxic, Facebook appears to be throwing gasoline on the fire while making money by selling pitchforks and torches. Facebook denies these claims but the evidence seems to indicate the contrary. However, as usual, the problem could be solved if we all did one thing. That is for us to start using social media more responsibly and not sharing every little thing that causes us the slightest bit of outrage. It’s time for us to start using social media with a more discerning eye.

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  Geebo 9:00 am on July 11, 2018 Permalink | Reply
  Tags: Cambridge Analytica ( 3 ), data breach ( 32 ), Facebook, privacy ( 46 )   

  Facebook facing fine from UK government 

  

  Yesterday, it was announced that the British government plans on fining Facebook for their role in the Cambridge Analytica scandal. The UK’s Information Commissioner’s Office claims Facebook failed to ensure another company had deleted users’ data. Because of this, the ICO is looking to fine Facebook the maximum amount allowed by British law. While that may sound impressive, the actual amount is paltry compared to Facebook’s net worth.

  The ICO is planning on levying a fine of £500,000 against the social media juggernaut. That equates to around $663,000 in US figures. If this fine is imposed it will no doubt have little to no impact on Facebook since the house that Mark built probably makes this amount in less than a minute. Facebook CEO Mark Zuckerberg could probably pay this fine just from the change cup in his Acura.

  Fines probably mean nothing to Facebook. Even if they were to be fined $1 billion, they could recoup that loss in a matter of days. Facebook won’t enact any real change until governments start threatening to regulate. It doesn’t even have to be the US government as the EU famously got both Microsoft and Google to curtail some of their more questionable business practices. Until then, Facebook will shake off any fine like so many fleas from a dog.

   
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  Geebo 9:03 am on July 3, 2018 Permalink | Reply
  Tags: Facebook, privacy ( 46 )   

  Facebook bug only exposes 800,000 accounts this time 

  

  I’m running out of analogies for Facebook’s porous way it retains our private information. I’ve referred to their privacy practices as a sieve and a submarine with a screen door. I guess now I could refer to Facebook as a butterfly net with holes in it as a new bug has compromised the privacy of some 800,000 accounts.

  According to Facebook, If you have blocked someone on Facebook but posted something that was shared beyond friends, such as a post marked public, the blocked person could see your posts. This bug, as Facebook is calling it, is said to have affected around 800,000 users between May 29th and June 5th. This is not to be confused with Facebook’s last faux pas that changed the privacy settings of 14 million users. While 800,000 may not seem like a lot of people compared to Facebook’s supposed 2 billion users, it’s still just a little bit more than the entire population of the U.S. state of North Dakota, or just a little less than the population of San Francisco.

  So, if I had to make a new analogy about Facebook I guess I would compare them to a leaky kitchen faucet. You know the one I’m talking about. It was really bad at first, but you did some home repairs at first to stop most of the leaking. However, it’s still dripping but you never get around to calling a professional to fix it completely. Facebook needs a plumber to fix its leaks before the Federal Government acting as the housing inspector condemns the whole house.

   
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  Geebo 9:01 am on June 28, 2018 Permalink | Reply
  Tags: data breach ( 32 ), Facebook, privacy ( 46 )   

  Facebook can’t keep track of where your data went 

  

  You’ll have to forgive us for constantly railing on Facebook for its sieve-like tendencies when it comes to its users’ personal data. I can’t speak for everyone at Geebo, but I come from a time on the internet when you didn’t share a bunch of personal information online. Then almost overnight with the advent of social media, we started sharing almost every intimate detail of our personal lives. Even if you post the most innocuous statuses on Facebook, the social media giant can determine so many things about you as this video demonstrates.

  According to a recent report from the Wall Street Journal, Facebook has so much of our data that they can’t keep track of it all. We’re all familiar with the Cambridge Analytica scandal by now but as the WSJ points out, Facebook has also given a lot of our data to companies that are no longer in business and because of that our personal information could be anywhere out in the wild. Once something is out on the internet it’s next to impossible to get it back.

  Again it needs to be said that this is too much information for one entity like Facebook to have. It’s now gotten to the point where Facebook apparently seems to be the proverbial submarine with a screen door when it comes to our personal data. This data can be abused in so many ways by bad actors and Facebook treats it like so much junk mail that it just throws on a table and forgets about it. Unfortunately, the only true way to stop Facebook from abusing our private data is to stop giving it to them, but in a society that’s driven by how many likes you can get for your vacation photos that won’t be happening any time soon.

   
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  Geebo 9:06 am on June 26, 2018 Permalink | Reply
  Tags: Facebook, patent ( 2 ), privacy ( 46 )   

  Facebook files spying patent 

  

  It appears that it’s going to be another Facebook-heavy week again as the social media giant is once again back in the news for more potential Orwellian shenanigans. When Facebook CEO Mark Zuckerberg testified before Congress, he specifically stated that Facebook is not listening to our conversations through our phones. While that may or may not be true, one of Facebook’s more recent patent filings shows it may not need to listen to our conversations to influence our lives.

  According to several reports, one of Facebook’s new patents is for a technology that would allow a Facebook-enabled device to listen for inaudible tones coming from your TV in order to tell what ads you’re watching and whether or not you’re muting the ads or leaving the room when the ad is on. Once these tones are heard, your device would be capable of recording all ambient noise around it including any conversations going on near the device.

  This is only one of several patents filed by Facebook that the New York Times has referred to as ‘creepy’. Each of these patents seems more invasive than the next yet Facebook says that these are merely ideas and should not be taken as evidence for its future product plans. Somehow, I don’t think Facebook is filing these patents just for the fun of it.

   
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  Geebo 9:24 am on June 18, 2018 Permalink | Reply
  Tags: Facebook, fake news ( 12 ), satire, The Onion   

  Why The Onion taking on Facebook is real news 

  

  If you’re not familiar with The Onion, it is a satirical news website that has been around since the dawn of the internet. To put it in simple terms, they are the internet version of Saturday Night Live’s Weekend Update. While The Onion’s humor can sometimes be crass and off-color, satire is sometimes the purest form of social commentary. So it should come as no surprise that The Onion has turned its satirical barbs at Facebook.

  Recently, The Onion has been lambasting Facebook with such headlines as “Mark Zuckerberg Insists Anyone With Same Skewed Values And Unrelenting Thirst For Power Could Have Made Same Mistakes.” Then there’s “Daddy, I Don’t Want To Live In The World Your Website Has Created,” written from the perspective of Mark Zuckerberg’s 2-year-old daughter. The reason that The Onion has gone on this crusade against Facebook is that The Onion claims Facebook is limiting The Onion’s exposure on Facebook.

  In a statement attributed to Editor-in-Chief Chad Nackers, the publication further skewered the social network, in its signature, humorous style.

  “We are strong proponents of the First Amendment, and the fuel of a functioning democracy is the free flow of information. Facebook, the world’s largest sieve of personal data, has become an unwanted interloper between The Onion, and our audience. We have 6,572,949 followers on Facebook who receive an ever-decreasing amount of the content we publish on the network. Mark Zuckerberg has repeatedly betrayed the trust of billions of people. What you’ve seen over the last 48 hours is only the tip of the iceberg.”

  While it can be argued that Facebook is limiting The Onion’s exposure due to Facebook’s initiative to fight ‘fake news’, this situation does highlight a much larger problem. Because of Facebook’s dominance of the internet, content creators, businesses and news outlets are all at the whim of Facebook, and if we don’t all play by Facebook’s arbitrary rules we could all see our favorite content go up in smoke. Should one solitary company be able to wield that much power? In case you’re wondering, the answer is no, no it shouldn’t.

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    Peter 2:36 pm on June 18, 2018 Permalink

    Spot on!

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    Juan Thompson 1:27 am on June 19, 2018 Permalink

    F*** . He sucks