Facebook Stock Plunges

John Gruber: “In the short run I always caution against reading anything into the market’s sense, but in this case I think investors are right. Facebook is in some serious trouble. This Cambridge Analytica scandal proves that Facebook ought to be heavily regulated, and that’s not good for Facebook’s bottom line.”

“I  take issue, though, with the phrase ‘ended up in the hands of’. The implication with that phrasing is that Cambridge Analytica hoodwinked Facebook, or breached some sort of defenses. They didn’t. The information Cambridge Analytica obtained was exactly the information Facebook provides to advertisers by design. Cambridge Analytica just used that data in ways Facebook didn’t anticipate. Or perhaps better said, Facebook never anticipated that when people started to realize just what Facebook enables, there’d be outrage.”

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