Facebook Coin Becomes More Concerning as Mark Zuckerberg Faces Another Privacy-Related Controversy
Facebook can’t catch a break.
Its CEO, Mark Zuckerberg, has recently appeared under scrutiny after it was revealed that he knew about the company’s privacy problems that became the cornerstone of the Cambridge Analytica controversy. This is definitely not a good look for the social media giant that is on the cusp of rolling out its own cryptocurrency.
Yuri MolchanDamning emails
The bombshell Wall Street Journal report reveals that Zuckerberg’s emails, which were obtained by the Federal Trade Commission (FTC) as part of its ongoing probe, do not necessarily align with his commitment to protect the privacy of his users.
The article cites an anonymous source without actually revealing the content of the CEO’s unearthed emails.
Facebook’s shares instantly dipped 2 percent after the report.
JUST IN: Facebook sharply drops 2.6% as WSJ reports that Facebook has uncovered internal emails that "appear to show Chief Executive Mark Zuckerberg’s connection to potentially problematic privacy practices at the company" https://t.co/LFPn1pitDK pic.twitter.com/wSVKKWo1ec
— CNBC Now (@CNBCnow) June 12, 2019
Alex DovbnyaRaining on Facebook’s parade
As reported by U.Today, the launch of the controversial Facebook Coin is slated for June 18. Those within the cryptocurrency community claim that there is no need for another centralized coin (Facebook will reportedly charge $10 mln per node). The coin will give Facebook an opportunity to control how, when and where its users spend money, thus turning into an omnipotent force.
Still, some prominent experts in the likes of Wall Street boss Mike Novogratz are certain that Facebook’s foray into crypto will produce a positive impact on the industry.
Arman Shirinyan
U.Today Editorial Team
Vladislav Sopov
Dan Burgin