Zuckerberg To Appear On CNN At 9PM; Is Summoned By UK Over Growing Scandal

After waiting three days to post a carefully crafted PR response in the wake of a massive data harvesting scandal, Facebook CEO Mark Zuckerberg is set to appear on CNN at 9 p.m. Wednesday night - most likely to answer a series of scripted softball questions over what has gone from an already-huge controversy involving UK political data firm Cambridge Analytics - to a much larger discussion of the ways in which Facebook handles user data. 

Why he chose to appear on CNN - president Donald Trump's "favorite" channel - and risk further alienating half of Facebook users who believe the company is rife with liberal bias is anyone's guess, but is par for the course for Facebook which has so far been a case study in how not to do damage control. Or just maybe whatever damage control experts Facebook is using, wanted to avoid another awkward, sweaty "hoodie moment" while discussing violating people's privacy. 

Indeed, it appears Zuck has a lot to answer for...

As former BlackRock money manager Ed Dowd notes, in 2011, Facebook's revenue was $3.7 billion with 1 billion users, while in 2017 it was $40 billion at 2 billion users. 

Dowd, CIO of, OceanSquare Asset Management which he co-founded with two other BlackRock alum and a Wall St. marketing veteran went short Facebook in size in late February - flipping from a 55% long-only equity position to a 2% net long position, while tactically shorting Facebook, Google and Tesla. 

We recently went to Washington DC to speak with GOP consultants and found that the sentiment for regulating Google & Facebook is quite high.  The Facebook and Google shorts are due to technical and fundamental issues.  -OceanSquare

Dowd says that Facebook's new data harvesting controversy may put the company's "micro targeting" business model on tilt. 

“At the time of our short position initiation on Facebook we thought higher opex due to increased regulatory action would bring numbers down. However given the recent revelations, their whole business model of micro targeting for advertisers using individuals data may be called into question.” -Ed Dowd

Meanwhile, Zuckerberg has been called on by a UK parliamentary committee to offer evidence in the case against Cambridge Analytica - the consulting firm accused of harvesting the data of 50 million Facebook users for political purposes and then failing to completely delete said data when told to do so. 

Damian Collins, chairman of U.K. House of Commons digital culture and sport committee told CNBC that the data scandal "is Facebook's responsibility," adding that the company's responses in the past "have massively understated the risk to users." 

In fact, the company first knew about the data collection in 2015 yet didn't take any action against Cambridge Analytica until Friday, Collins contended.

Facebook has said that while the data was obtained by Cambridge Analytica legitimately, it said that the developer of the app that collected the data, Aleksandr Kogan, "lied" to the social media platform and violated its policies in transferring the data to Cambridge Analytica. -CNBC

In a letter to Zuckerberg, Collins accused Facebook of providing answers which were "misleading to the Committee" during a previous hearing when asked whether information had been shared without users' consent. Collins says it's "now time to hear from a senior Facebook executive with the sufficient authority to give an accurate account of this catastrophic failure of process."

Facebook has lost approximately $50 billion in market cap since the Cambridge Analytica scandal broke over the weekend - with the stock shedding approximately 8.6% since Friday's close. Shares attempted a recovery on Wednesday, only to stumble again midway thorough the session and close up .74%.

Comments

HRH of Aquitaine 2.0 DillyDilly Wed, 03/21/2018 - 21:09 Permalink

What drug is he on? Look at the fucktards pupils. They are huge. Abnormally large and indicate some type of drug use.

He lied in 2009. He is still lying. Talking about 2014? And policies? What a tard.

I am watching the CNN interview now, what a softball interview! And who the fuck chose his mic with the electronic reverb on his voice?

Oh, he is so uncomfortable doing TV interviews, it is so hard, but he wants to run for President?

In reply to by DillyDilly

slopz38 HRH of Aquitaine 2.0 Wed, 03/21/2018 - 21:33 Permalink

 

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In reply to by HRH of Aquitaine 2.0

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In reply to by slopz38

sixsigma cygnu… yrad Wed, 03/21/2018 - 19:05 Permalink

"...Zuckerberg is set to appear on CNN at 9 p.m. Wednesday night"

I'm betting this will be a candid interview with hard hitting investigative reporting styled questions, like we're used to getting from CNN. And unrehearsed answers from Zuckerberg.

Dammit, I shouldn't drink coffee while writing these. I just ruined another perfectly good keyboard.

In reply to by yrad

Brazen Heist east of eden Wed, 03/21/2018 - 19:23 Permalink

The scumbags at Cambridge Analytica who peddle emotionally charged drivel to dumb down public discourse during democratic "elections" and their employers i.e. campaign managers, is also a scandal that deserves as much attention as Farcebook. They essentially admitted

1) that candidates are nothing more than puppets

2) that emotion sells more than reason and this should be the formula for success

3) Hiring firms like CA who are considered outside organisations beyond super PACs, who implement the propaganda campaigns, is illegal.

Most of this we implicitly understand. However, its worth exploring because both the Trump and Clinton campaigns were guilty in this regard, outsourcing the toxic lowbrow mudslinging campaigns to foreigners (LOL). This doesn't exactly present "democracy" as the shining beacon of hope that its made out to be. It always was DUMBocracy. Again this is not to convince us here at ZH (although some are indeed fucking dupes who need to overcome their cogdiss), but for the sheep who keep getting duped time and time again, expecting different results.

The slimeys of course, are concerned, because this exposes how much they were meddling in US elections, and makes the entire Russiagate debacle they fabricated look like child's play, all on the back of the Skirpal shit story unravelling as we speak. The real meddlers are getting exposed and its the Brits, and Zionists! Russians are breaking out the vodka, laughing.

In reply to by east of eden

gregga777 Brazen Heist Wed, 03/21/2018 - 19:35 Permalink

There are really very funny paintings, as well as contemporary descriptions, from the 1800's showing candidates providing free whiskey on Election Day to eligible (and drunken) voters to obtain their votes.

The Yellow Journalism rags, even before Hearst and Pulitzer invented Yellow Journalism, would carry the most outrageous rumors assassinating the character of candidates, their wives and children.

In other words, not much has changed fundamentally in the ensuing 200 years. Only the methods have changed. 

In reply to by Brazen Heist

Brazen Heist gregga777 Wed, 03/21/2018 - 19:45 Permalink

That is true.....and watching their inflated grandstanding, moralizing, exceptionalism and virtue signalling coming down like a house of cards is entertaining as well. Perhaps a big wake up call is that while elites are manipulative bastards, they are getting away with so much due to the ignorance and stupidity of the herd.

Once most people evolve to be resistant to this level of lowbrow zombified emotional pandering, and start demanding real proper fucking debates about shit that actually matters in their lives, their country and the world, there may be hope that these petty tools and methods will be falling on deaf ears. Nobody buys bullshit in an enlightened society. Till then, the lizards will find ways to tap into this collective blindspot and feed it shamelessly with junk the sheeple are buying.

In reply to by gregga777

gregga777 Brazen Heist Wed, 03/21/2018 - 20:08 Permalink

About 97% of politicians are sociopaths and about 3% are psychopaths. And behind each one there are probably about 99 of the same eagerly waiting their opportunity to take his/her place. As long as we put sociopaths/psychopaths into positions of authority instead of into mental institutions we will continue experiencing the exact same problems over and over and over again. 

In reply to by Brazen Heist

Brazen Heist gregga777 Wed, 03/21/2018 - 20:23 Permalink

Psychopaths and sociopaths gravitate towards positions of power, that is a tendency that will persist until we cut down the fucking government to size and don't require much of it any longer.

In other words, maybe in a few thousand years.

Or some just say...prison planet. We are in one giant asylum, and some of us are looking at spreading the seed to Mars.

In reply to by gregga777

navy62802 Wed, 03/21/2018 - 18:51 Permalink

Any real investigation into Facebook selling user data would red pill the entire world. Cambridge Analytica is not the only company to have paid Facebook for user data. In fact, any real investigation would probably uncover wholesale transfer of private information from Facebook to various governments around the world, to include the United States.