The Federal Trade Commission confirmed today that it has opened an investigation into Facebook and the possible mishandling of privacy data of over 50 million users.
We have two reports, the first from Bloomberg TV explaining the FTC’s actions, followed by a repot from KUSA Denver on how you can download your Facebook data.
So how much does Facebook really know about us? KUSA/Denver’s Jordan Chavez shows us:
The leading U.S. consumer protection regulator and attorneys representing 37 states stepped up pressure on Facebook Inc (FB.O) on Monday to explain how the social network allowed data of 50 million users get into the hands of a political consultancy.
The U.S. Federal Trade Commission took the unusual step of announcing that it had opened an investigation into the company – which it generally only does in cases of great public interest – citing media reports that raise what it called “substantial concerns about the privacy practices of Facebook.”
On the same day, a bipartisan coalition of 37 state attorneys wrote to Facebook, demanding to know more about the company’s role in the manipulation of users’ data by the consultancy, Cambridge Analytica, which used it to target U.S. and British voters in close-run elections.
“These revelations raise many serious questions concerning Facebook’s policies and practices, and the processes in place to ensure they are followed,” the letter said. “We need to know that users can trust Facebook. With the information we have now, our trust has been broken.”
Facebook shares fell as much as 6.5 percent, briefly dipping below $150 for the first time since July 2017, before recovering the day’s losses to close up 0.4 percent at $160.06.