Facebook stocks take a hit as EU watchdog calls for changes

European Data Protection Supervisor adds to the chorus of those calling for changes at the social media giant.

There have been plenty of calls for changes at Facebook, Inc. (NASDAQ:FBin the wake of the data privacy scandal, and we can add yet another name to the ever-growing list. Giovanni Buttarelli, the European Data Protection Supervisor (EDPS), expects CEO Mark Zuckerberg to step his game up substantially to deal with the problems.

CNBC shares Buttarelli’s assessment of what Facebook needs to do.

Facebook needs to make sure the new tools it has introduced to help safeguard user data in the wake of the Cambridge Analytica scandal is done in “practice and not only on paper,” the European Union’s top data watchdog told CNBC.

The social network has unveiled a raft of new tools since news of the fiasco broke, with the aim of helping users understand and control how their data are used.

Buttarelli acknowledges that he hears what Zuckerberg claims he’s going to do, but adds that “the question is they should do it in practice and not only on paper.” Earlier this week, Facebook noted that the number of folks affected by the Cambridge Analytica fiasco was a whopping 87 million users.

“There are days when you have the impression people are treated as battery animals or experimental rats. We are treated as a farm for data,” Buttarelli added. “We are in within a walled garden and every single action is monitored.”

Facebook, Inc. shares were trading at $159.01 per share on Friday morning, down $0.33 (-0.21%). Year-to-date, FB has declined -9.89%, versus a -0.52% rise in the benchmark S&P 500 index during the same period.

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