The social network, Facebook, isn’t doing very well as of now. After the Cambridge Analytica privacy issue, users of the network have faced other trust issues due to more privacy leaks.
Most recently, a glitch in a Chrome plug-in had caused a leak of information from private Facebook groups. And all this, alongside claims from CEO Mark Zuckerberg, about slowing growth and profits, has also caused the company to lose a lot of its valuation.
Glitch Leads to Facebook Privacy Leak in Private Groups
Facebook has plenty of private groups that require special permission from the group admin to join. Several users with disabilities or rare diseases, often take to these special groups to talk about their problems, their recoveries, their sacrifices, and a lot of other personal stuff. Some even share pictures about their operations and very sensitive and private data.
It was then discovered that due to a glitch with Chrome plug-in, third-party users could gain access to these private groups and view the personal information, stories, and images. The said plug-in has since been removed, but it has caused a trust issue between Facebook and the members of such private groups. People could use the private information and images to discriminate the members of these private groups, and thus, the members are worried about the privacy of these groups.
Facebook Stock Down by 20 Percent
Last week, Facebook’s stock fell down by a massive 20 percent and the company lost a huge amount of its valuation. A report from Forbes explains why this happened, and how the investors no longer care about privacy but instead are looking at long-term profits.
The company announced that its growth and profits have slowed down, and soon after, there was a massive dump of stocks. The slow down in profits was the main reason behind the falling of Facebook stock. And the slowing down of profits and the growth of the social network is due to the fact that Facebook hasn’t been paying too much attention to privacy.
Yes, their mission statement was all about how everything yours is yours, all information is safe, and how no one can access it. That promise went down the drain when the Cambridge Analytica scandal happened, and the company hasn’t been able to completely get back up on its feet again. After that, the group privacy leak also further impacted the trust that Facebook had gained from its users.
The report goes on to say that Facebook is a centralized social network, but people want a decentralized system with their information not filtered by one main leader. As a company, Facebook is trying to control all the information from all over the world, instead of giving local regions the change to moderate their own content and giving freedom of speech and expression. Everything on Facebook is moderated by its people, and the users’ information and data is used for monetization in the form of advertisements.
All of this, and more has led to the fall of Facebook and its profits. Users don’t trust the social network as much as they used to. The company has to do some changes to gain back the trust, and only then will it see a growth in its user base, and profits.