INTERNET (MARCH 21, 2018) (SOCIAL MEDIA WEBSITE) – Facebook Inc Chief Executive Mark Zuckerberg said on Wednesday (March 21) that his company made mistakes in mishandling data belonging to 50 million of its users and promised tougher steps to restrict developers access to data.
The world’s largest social media network is facing growing government scrutiny in Europe and the United States about a whistleblower’s allegations that London-based political consultancy Cambridge Analytica improperly accessed the user information to build profiles on American voters which were later used to help elect U.S. President Donald Trump in 2016.
Chief Operating Officer Sheryl Sandberg said she deeply regretted “that we didn’t do enough” on Cambridge Analytica. “We’ve spent the past few days working to get a fuller picture,” she said.
Zuckerberg promised steps to “prevent bad actors from accessing people’s information” and said the company is working with regulators as they investigate what happened.
The company has lost more than $45 billion of its stock market value over the past three days after news reports detailing the allegations were published at the weekend.