Facebook CEO apologizes, shares drop after data breach scandal

Facebook has been in hot water since the past couple of days because of the misuse of around 50 million users’ data without their consent and the CEO Mark Zuckerberg has finally spoken to the media and apologized.

The British data firm Cambridge Analytica allegedly collected and misused millions of Facebook users’ information without their permission for US Presidential elections back in 2016. Zuckerberg finally spoke to media giving exclusive interviews to CNN, Wired, New York Times and Recode.

Zuckerberg firstly apologized for the scandal by saying to Recode, “We let the community down and I feel really bad and I’m sorry about that.” In an interview with CNN, Zuckerberg was asked if the company should be regulated to which he replied, “I actually am not sure we shouldn’t be regulated. I think in general technology is an increasingly important trend in the world. I think the question is more what is the right regulation rather than ‘yes or no should we be regulated?’”

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He further mentioned, “There is transparency regulation that I would love to see. If you look at how much regulation there is around advertising on TV and print it’s just not clear why there should be less on the internet. You should have the same level of transparency required.”

Moreover, in a time span of just two days, following the Cambridge Analytica scandal, Facebook shares went down 4.9% from $172.56 to $164.07 leading to a loss of $60 billion of its value. Even Zuckerberg’s net worth fell down by $69.6 billion from $75 billion, as per Tech Juice.

The entire controversy has caused the company and CEO huge losses with even WhatsApp co-founder tweeting to delete Facebook.