The company is at the center of a firestorm over its abuse of Facebook data.
The news: Cambridge Analytica (CA) said it’s suspending its CEO immediately and is launching an independent investigation into misuse of data on millions of Facebook users.
The background: Facebook has suspended CA from its platform for violating its data use policies. But both firms are the subject of probes by officials in the UK and the US, where the Federal Trade Commission is said to be investigating Facebook’s conduct.
Nix and dirty tricks: Nix was recorded by undercover TV reporters in the UK boasting about its ability to use spies and fake news to influence elections.
Missing persons report: Facebook held an all-hands meeting to discuss the scandal this morning, but the Daily Beast reports that neither CEO Mark Zuckerberg nor COO Sheryl Sandberg attended. Apparently they were too busy trying to work out how the crisis blew up. Instead, the session was led by Paul Grewal, Facebook’s deputy general counsel.
Facebook’s March Madness: Facebook’s share price has plunged in the last two days as investors wonder when this deluge of bad news will end. According to Bloomberg, Facebook has lost more than a Tesla-worth of its market share since the weekend. To be clear, that’s the equivalent of the entire car company, not just the price of one of its fancy electric cars.