Facebook Stands to Lose Tens of BILLIONS in Dozens of Lawsuits

[SirLinksALot]

SOURCE: PJ MEDIA

URL: https://pjmedia.com/trending/facebook-lawsuits-loom-tens-of-billions-on-the-line/


Facebook stocks plunged precipitously on Thursday after the company's earnings report showed they missed expectations on revenue and that the social media platform's monthly users are down significantly. All of this comes in the wake of ongoing scandals, including charges of data misuse and anti-conservative bias.

"During a conference call Wednesday, Facebook Chief Financial Officer David Wehner predicted bad news for the second half, and the company’s shares immediately began a drastic retreat in the extended session," Marketwatch reported on Thursday.

According to Reuters, "Facebook shares dived 18.6 percent, set for its biggest one-day percentage drop ever, after the social media giant said profit margins would plummet for years due to costs to improve privacy safeguards and slowing usage in its big advertising markets."

But stock prices aren't the only problems facing the beleaguered social media behemoth. The company is facing massive fines and possible government intervention as lawsuits pile up in the U.S. and around the world. In fact, Facebook is facing more than three dozen class-action lawsuits over Cambridge Analytica privacy breaches alone. The looming legal nightmare is so significant that the company felt the need to include a note about it in their quarterly SEC report:

Beginning on March 20, 2018, multiple putative class actions and derivative actions were filed in state and federal courts in the United States and elsewhere against us and certain of our directors and officers alleging violations of securities laws, breach of fiduciary duties, and other causes of action in connection with the misuse of certain data by a developer that shared such data with third parties […] the events surrounding this misuse of data became the subject of U.S. Federal Trade Commission and other government inquiries in the United States, Europe, and other jurisdictions.  Any such inquiries could subject us to substantial fines and costs, divert resources and the attention of management from our business, or adversely affect our business. [Emphasis added]

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[endicom]

Facebook may be leading the tech sector into a needed correction. Exxon and maybe the oil sector will be down. That's the stock market doing what it does.

[Wingnut]

Facebook may be leading the tech sector into a needed correction. Exxon and maybe the oil sector will be down. That's the stock market doing what it does.

Twitter took a huge dump today.  The shine is coming off these Social Media turds.

[truth_seeker]

Twitter took a huge dump today.  The shine is coming off these Social Media turds.

The users have realized (and resent) their privacy is the "product" the services sells to advertisers.


It seems like this phase of the tech "algorithm" business model era, may be short of growth potential.   

[endicom]

Twitter took a huge dump today.  The shine is coming off these Social Media turds.

Yeah, they purged their rolls of the deadwood and there was (is?) a lot of deadwood.

[endicom]

Twitter joins Facebook in SJW crash

Don Surber
July 27, 2018

Excerpts:

And now, thanks to the Democratic Party, those who learned coding may be out of a job.

The reason is Democrats pressured social media outlets to censor conservatives. Twitter started bouncing conservatives off.

Twitter's suspension of Glenn Reynolds -- and the attempt to get him fired from law school -- was the moment when it became clear the service is not for conservatives.

[...]

But investors look long-term. If your game plan is approved by the League of Social Justice Warriors, maybe you are not a good investment.

Who gets hurt worse?

The employees.

Look at the newspaper industry.

More... http://donsurber.blogspot.com/2018/07/twitter-joins-facebook-in-sjw-crash.html