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Ever since the Cambridge Analytica expose came to light, Facebook has drawn a lot of criticism, some which has even affected the company financially - with websites dedicating content space to inform users how to protect their personal data from the social media platform. On Tuesday, America’s main privacy watchdog, the Federal Trade Commission announced that it had launched a probe in to Facebook’s use of personal data and is scrutinizing whether the social media giant’s data use violates the consent decree. Members of Congress have raised issues over how the personal data of 50 million users was obtained by a data analytics firm that helped elect U.S. President Donald Trump. Sources revealed that the U.S. Federal Trade Commission is probing whether Facebook violated terms of a 2011 consent decree over its handing of user data that was transferred to Cambridge Analytica without their knowledge. Further, they noted that the FTC will be sending a letter to the company. Following  the news, Facebook declined in New York trading, falling 5.5 percent to $163.08 as of 11:57 a.m. in New York, extending Monday’s decline. On Monday, Facebook witnessed a drop of 6.8 percent which was the company’s largest since March 2014...Read more
By Sheetal Sukhija | Thursday March 22, 2018
Facebook faces the heat as U.S. FTC opens probe in data use