Do you want to have a success 2020? Start the year off by attending these events.
We are back for another edition of Backlash Of Brands, where we take a look at which brands are currently faced with a crisis management issue, or having a “opps” moment that is making headlines. In this edition we will take a look at Facebook.
Facebook Leaders Fail To Face Fire, #deletefacebook Grows Momentum
Facebook is getting slapped left and right, governments are after it, consumers are fed up and want better protection, brands want more transparency and countless business leaders are predicting its death. Some how Facebook has found itself at the center of a new controversy this time over a data scandal involving Cambridge Analytica, and links back to the 2016 US election and #45. A report in the NY Times came out last week that Cambridge Analytica, the data analytics firm which was hired by the Donald Trump’s campaign team, amassed Facebook user data for some 50 million people without ever getting their permission.
As if the situation was not bad enough for Fackbook, this latest scandal has now has generated one investor to sue Facebook citing the social network failed to inform shareholders about the Cambridge Analytica data scandal, the company omitted facts that have led to a decline in Facebook’s value. Facebook has also lost around $50 billion in market value since the scandal broke on Saturday.
Remember Whatsapp, which Facebook bought for $19 billion back in 2014, well Whatsapp Co-Founder Brian Acton sent out a tweet yesterday encouraging people to delete Facebook:
It is time. #deletefacebook
— Brian Acton (@brianacton) March 20, 2018
As of the time of this story Facebook’s CEO, Mark Zuckerberg nor its COO Sheryl Sandberg have made any type of public statement addressing this growing scandal.
Facebook is in the business of selling advertising – you are kidding yourself if you think it is anything else. As Facebook’s past, current and possible future scandals continue it faces a real problem of a mass exodus from its users base which is over 2 billion.
Being a public company Facebook’s stock has lost over $50 billion in market value since this latest scandal first broke.
With #deletefacebook trending not only on other sites such as Twitter but within its own platform Facebook might see its advertisers lose confidence in the platform.
Will Mark Zuckerberg show he is a leader worth the title of CEO and address the public’s concerns?