Friday, 19 October, 2018

Facebook to spend $10M for Zuckerberg's private jet and security

The Facebook logo on screens at the Nasdaq Market Site in New York's Times Square The Facebook logo on screens at the Nasdaq Market Site in New York's Times Square
Jodi Jackson | 30 July, 2018, 21:33

Days after Facebook's stock suffered the largest drop in Wall Street history, a shareholder sued the company accusing the social media network of making misleading statements about its user numbers and operations.

Siva Vaidhyanathan, a media studies professor at the University of Virginia and author of the new book, "Antisocial Media: How Facebook Disconnects Us and Undermines Democracy", dismissed the significance of the stock plunge.

According to the complainant, the marketplace was "shocked" when "the truth" began to emerge on Wednesday from the Menlo Park, California-based company.

World's giant technology company's news have always remained on top priority list of investors and traders as these companies contributes immensely for their share profits and losses.

The company also said revenue growth from emerging markets and the company's Instagram app, which has been less affected by privacy concerns, would not be enough to fix the damage.

The lawsuit is designed for class-action status and seeks unspecified damages.

A Facebook spokesman declined to comment. The complaint also aimed at the company's failure to report falling operating margins and the significant decline in active users. Furthermore, the growth in the number of daily average users is slowing down as well.

Facebook has faced dozens of lawsuits over its handling of user data in a scandal also concerning the United Kingdom firm Cambridge Analytica. Since then, many have been consolidated in the federal court in San Francisco.

Thursday's plunge also hit Zuckerberg's bottom-line.

Zuckerberg even noted during a call with analysts that "we're investing so much in security that it will significantly impact our profitability".

These quotes and average results from its second quarter caused Facebook's stocks to drop a whopping 19 per cent overnight. The shares closed up 0.5 per cent.

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