British marketing analytics firm Cambridge Analytica on Wednesday announced that it, along with its parent firm SCL Elections Ltd, was shutting shop and would file for insolvency in Britain and the US. The firm's business took a hit after it emerged that the company had improperly obtained data of 87 million Facebook users on behalf of political clients, including, allegedly, the present US President Donald Trump.
Even as the data scandal led to the closure of Cambridge Analytica, Facebook has managed to duck the heat, thanks to its smart damage-control moves. Last week, the company posted better than expected first-quarter earnings, with a 49 per cent jump in revenue.
From Apology to launching new privacy tools, here's how Facebook weathered the data theft storm: Mark Zuckerberg's apology: "We didn't take a broad enough view of our responsibility, and that was a big mistake," Zuckerberg said in written remark ahead of congressional hearings.
Zuckerberg fielded 10 hours of questions over two days from nearly 100 US lawmakers and emerged largely unscathed.
He was successful in deflecting questions like a Washington veteran. Forty times the internet mogul told lawmakers he had no answers at hand and would get back to them later. About one in three lawmakers got that response over the two days.
'Clear History' privacy tool: At the recently concluded F8 developers' conference, Facebook announced plans to build a 'Clear History' privacy tool which will enable users to see the websites and apps that send information to Facebook when they use them.
Facebook said the tool will also enable the users to delete this information from their account, and turn off Facebook's ability to store it.
Zuckerberg's promise of action to stop abuse of Facebook services: Speaking at the F8 developers' conference, Facebook CEO Mark Zuckerberg promised more steps to stop abuse of its services. He said the company was taking a broader view of its responsibility by not only giving people powerful tools, but also making sure those tools are used for good.
Rollout of 'downvote' button: In a move to prevent misuse of Facebook to influence elections, the social media giant recently launched a feature called 'downvote' to enable users to express their disapproval for messages, photos and other contents their friends posted.