Facebook lost $42 billion dollars in share value today alone as traders dumped the stock after the New York Times reported Friday that that Cambridge Analytica “harvested private information from the Facebook profiles of more than 50 million users without their permission.” The loss represents 7% of the company’s value, as news of the penetration and its backlash begins to set-in among investors and users.
The drop also mirrored the time period in which the social-networking site investigates employee Joseph Chancellor’s ties to the data firm (Cambridge Analytica). Facebook currently employ’s Chancellor as a “virtual reality researcher” but Chancellor was also the former director of Global Science Research (GSR)—the firm who provided the data to Cambridge Analytica, according to CBS News. A GSR spokesperson told CBS “there was no recollection of any interactions or emails” with Chancellor.
As if the news overload were not enough, also over the weekend, Facebook suspended from the platform former Cambridge Analytica employee and whistleblower Christopher Wylie along with former GSR director Aleksandr Kogan.
Robert Mueller has surely already seriously investigated how it came to be that a company (Cambridge) funded in large part by the Robert Mercer family (large Trump donor) and led by V.P. Steve Bannon came to enlist Gen. Mike Flynn as a Board member, to be the company that Jared Kushner credited with winning the election, and whether the “Deep data” that Facebook illegally allowed released to the world found its way into the hands of Russian computer experts who micro-targeted “ads” masquerading as news stories.
Stay tuned, this is where it will all happen, at the nexus of Trump-Russia-Cambridge and collusion.