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The proverb ‘when it rains, it pours’ is one that should fit well to the week Mr Mark Zuckerberg, founder and CEO of social media giant Facebook, has just had.

Having suffered its worst week on the stock market of the past six years, the tech company has now also been informed that the FTC opened an official probe into its dealings with Cambridge Analytica.

In London meanwhile, where the UK Parliament had requested Mr Zuckerberg would appear before them, word has spread that the Facebook CEO would be sending one of his ‘senior executives’ instead.

<b>FTC</b>

Facebook’s stock slid another 6% yesterday after the US Federal Trade Commission confirmed they would be opening an investigation into the company.

Related coverage: http://thegoldwater.com/news/21554-Zuckerberg-Classmate-He-Stole-Facebook-From-Says-He-Warned-of-Cambridge-Analytica-Style-Flaw

Mr Tom Pahl, the acting director of the FTC’s Bureau of Consumer Protection: “The FTC is firmly and fully committed to using all of its tools to protect the privacy of consumers."

"FTC takes very seriously recent press reports raising substantial concerns about the privacy practices of Facebook."

"Today, the FTC is confirming that it has an open non-public investigation into these practices.”

<b>UK Parliament</b>

Just as the UK parliament was hoping for an appearance from Mr Zuckerberg, he informed them that he would be sending one of his ‘senior executives’ instead and has apologized for a "breach of trust".

Meanwhile, the UK Parliament’s select committee interviewed whistleblower Mr Christopher Wylie, who accused his former employer, Cambridge Analytica, of gathering the details of 50 million users on Facebook through a personality quiz in 2014.

Related coverage: http://thegoldwater.com/news/21497-Trust-In-Facebook-Is-Going-Down-Despite-Their-Ads-To-Apologize

During his interview, Mr Wylie said that Cambridge Analytica had also operated in various other countries, mostly ‘struggling democracies’, which he called "an example of what modern-day colonialism looks like".

Mr Wylie stated that: "You have a wealthy company from a developed nation going into an economy or democracy that's still struggling to get its feet on the ground - and taking advantage of that to profit from that."

Source:

https://www.marketwatch.com/story/facebooks-stock-bounces-slightly-after-suffering-worst-week-in-6-years-2018-03-26