“Facebook Inc’s stock fell as much as 24 percent after hours on Wednesday over concerns about the impact of privacy issues on the social media company’s business, with executives warning that revenue growth would slow and expenses would rise,” Reuters reports. “The plummeting stock price wiped out about $150 billion in market capitalization in under two hours.”

“The company had cautioned investors to expect a big jump in costs because of efforts to address concerns about poor handling of users’ privacy and to better monitor what users post. Total expenses in the second quarter surged to $7.4 billion, up 50 percent compared with a year ago,” Reuters reports. “The new General Data Protection Regulation (GDPR) in the European Union forced several changes to Facebook’s privacy terms and sign-up process… Facebook saw monthly active users in Europe decline about 1 million people amid the new regulations, Facebook Chief Executive Mark Zuckerberg said on the conference call.”

“The threat of additional regulatory setbacks remains a concern, according to analysts,” Reuters reports. “Facebook suffered a blow in China on Wednesday when regulators there withdrew their approval of a company innovation hub to support local startups, the New York Times reported on Wednesday, citing a person familiar with the matter.”

Read more in the full article here.

MacDailyNews Take: Faceplant!

Facebook is a shit outfit with a privacy-trampling business model and a corrosive product that deserves every bit of karmic retribution it gets and then some.

As we’ve written previously, “If you trust Mark Zuckerberg to be the keeper of your photos, contacts, political views, religious beliefs, etc., you’re batshit insane.”

Instant messages sent by Mark Zuckerberg during Facebook’s early days, reported by Business Insider, May 13, 2010:

Zuckerberg: Yeah so if you ever need info about anyone at Harvard
Zuckerberg: Just ask
Zuckerberg: I have over 4,000 emails, pictures, addresses, SNS
[Redacted Friend’s Name]: What? How’d you manage that one?
Zuckerberg: People just submitted it.
Zuckerberg: I don’t know why.
Zuckerberg: They “trust me”
Zuckerberg: Dumb fucks

We use FaceBook as an RSS feed. Our CMS automatically reposts our article headlines and links them back to our website. That is our only interaction with Facebook and has been our only interaction with Facebook for years. We deleted our personal accounts [which we opened only so we could understand the Facebook phenomenon] many years ago.

If you want to share photos and videos with friends, text them using Apple’s end-to-end encrypted iMessage service. You need to control your social networking, not cede it to a gatekeeper like Facebook. – MacDailyNews, March 19, 2018

SEE ALSO:
Apple highlights user privacy as Facebook exec steps down – June 14, 2018
The 18 things you may not realize Facebook knows about you: Firm reveals the extent of its spying in a 454-page document to U.S. Congress – June 12, 2018
Facebook confirms sharing users’ personal data with Chinese companies – June 6, 2018
Apple’s macOS Mojave removes integration with third-party internet accounts like Facebook – June 6, 2018
Apple borks Facebook’s pervasive personal data-harvesting operation – June 5, 2018
Apple requested ‘zero’ personal data in deals with Facebook – CEO Tim Cook – June 5, 2018
Facebook CEO blasts Apple’s latest privacy protections as ‘cute virtue signaling’ – June 5, 2018