Mark Zuckerberg is using the same defense as Barack Obama and Hillary Clinton used to rely on whenever they faced a crisis of their own making. He is contending that he only learned of the massive data breach when you did, and only through the media. Don’t be gullible.
Zuckerberg claims that he was the genius behind Facebook:
“I started Facebook, and at the end of the day I’m responsible for what happens on our platform. I’m serious about doing what it takes to protect our community.”
So far the only things we know he is serious about are – weaponing Facebook against patriots, libertarians, and conservatives by censoring them, and, making sure he protects as much of his wealth as possible.
In September of 2017 Mark Zuckerberg announced his intention to sell 75 million shares that had, at that time, a share price of $170. That’s a cool $12.7 billion.
Since the announcement that Cambridge Analytica breached the data of 50 million users – that’s since been increased to 87 million users – the stock has taken a 10% hit. It’s going to get worse, a lot worse and Zuckerberg certainly knows this. The question is when did he know it?
According to David Barda, an attorney expert in protecting the rights of those whose personal data has been breached, this can bankrupt Facebook.
Law professor Maureen Papp informs us that the maximum compensation the law provides to each user in the UK who was violated is $17,500. *
Barda says it’s likely that each user would receive a maximum of $700. While that might not make every user whose data was breached whole, it works out to $61 billion enough to put a very serious hit on the value of Facebook… and to Zuckerberg’s stock.
This is just the tip of the iceberg. We have since learned that Facebook willingly stood aside while the Obama campaign was allowed to harvest every user’s personal data in 2012. You have to naive to think that even this was the extent of Facebook’s violations.
Facebook achieved a total valuation approaching half a trillion dollars without charging their consumers a penny. They were selling something. And they were compiling massive personal profiles on each user to increase the value of that data.
There’s a lot that will be discovered about Mark Zuckerberg and Facebook Chief Operating Officer Sheryl Sandberg’s nefarious use of the platform that violated the confidence that the public placed in them.
Buckle up. There’s a lot brewing in the law offices representing damaged users, and at the DOJ, that Zuckerberg would rather you not know about. Expect Congress to ask Zuck why he decided to dump his stock when he appears before it next week.
Also, expect Sandberg to come under a lot more scrutiny as her role in promoting Hillary Clinton’s campaign (Sandberg had been prominently mentioned to become Clinton’s treasury secretary) – and possibly her own 2020 candidacy – becomes more widely understood.