Cambridge Analytica suspends CEO Alexander Nix over Facebook data scandal

The US Federal Trade Commission

Cambridge Analytica suspends CEO Alexander Nix over Facebook data scandal

"We did all the research, all the data, all the analytics, all the targeting, we ran all the digital campaign, the television campaign and our data informed all the strategy", Cambridge Analytica CEO Alexander Nix tells an undercover reporter posing as a fixer for a wealthy family in Sri Lanka that hoped to get candidates elected in that country. Violating GDPR mandates could subject the California company to fines of up to 4 percent of annual revenues.

At one point in the Channel 4 video, executives at Cambridge Analytica appear to boast about their efforts to aid Trump, referencing one ad campaign - called "Defeat Crooked Hillary" and launched by a super PAC - that Channel 4 said had gone viral online. The London-based data analysis firm worked on President Donald Trump's campaign.

The 6.8 per cent drop lopped almost $US40 billion ($51 billion) off Facebook's market value, and according to CNBC, personally costing its founder and CEO almost $8 billion ($10.3 billion) in value. He had developed a personality quiz app for Facebook called "thisisyourdigitallife", which was downloaded 270,000 times by Facebook users in 2013. Even worse, Facebook found out that Cambridge Analytica had broken its rules a whole two years before the social media giant did anything about it.

Facebook has faced worldwide criticism over the claims that Cambridge Analytica, the United Kingdom data analysis firm hired by Trump's 2016 campaign, harvested and misused data on 50 million members.

So far, the FTC hasn't publicly confirmed the probe into Facebook.

The Activity Log keeps track of data like a user's location history, likes on posts and site, searches, etc.

Kogan said he wouldn't be surprised if there were "thousands" of developers and data scientists also misusing its users' information, and that Facebook "using users' data for profit is their business model". "We actually reject a significant number of apps through this process".

In a since deleted tweet, Facebook's chief security officer Alex Stamos wrote: "It is incorrect to call this a "breach" under any reasonable definition of the term".

Facebook fell as much as 5.2 per cent to US$175.41 (RM686.64) Monday in NY, wiping out all of the year's gains so far.

"Falsehoods spread faster on Facebook that the truth does", she said.

However, Cambridge Analytica said the report had "grossly misrepresented" the conversations caught on camera.

Fan Yuan, who owns Facebook stock, filed a lawsuit Tuesday in the District Court of Northern California, located in San Francisco, on behalf of Facebook shareholders.

"Social media platforms have a responsibility to protect the privacy and personal data of citizens and to protect the integrity of our electoral system where they operate", said Brison.

GDPR gives users the right to access their data, delete it or transfer it to competing companies.

That was allowed under Facebook's guidelines at the time.

Facebook held an all-employees meeting to discuss reports of a personal data breach affecting 50 million users.

Many were dismayed when Facebook and WhatsApp betrayed privacy pledges.

Wylie has agreed to be interviewed by Democrats on the U.S. House Intelligence Committee.

The company did not make those features available in Europe.

Scandals aside, has Facebook lost its reason for existence?

Another challenge for social networks are GDPR provisions mandating how companies must obtain permissions.

But you may be surprised how many apps like Airbnb or Venmo you've logged into through the social network over the years.

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