Facebook Runs UK, US Newspaper Ads Apologising for Data Scandal

Facebook shares plunge as FTC launches probe into privacy practices

Facebook Inc (FB.O) shares fell as much as 6.5 percent on Monday after the main USA consumer protection regulator said it was investigating how the social network allowed data of 50 million users to get into the hands of a political consultancy.

The Federal Trade Commission has officially opened an investigation into Facebook's privacy practices. Facebook reached a settlement with the FTC in 2011 offering privacy assurances, though the FTC's probe may extend to Facebook's compliance with U.S. -EU principles for transferring data. They say the data is used "to improve people's experience across Facebook" by helping to connect with others.

Germany's justice minister says she wants closer oversight of companies such as Facebook, following a meeting with executives about the abuse of users' private data.

Last week, a U.K. parliamentary media committee summoned CEO Mark Zuckerberg to testify about how Facebook uses data, while U.K. Information Commissioner Elizabeth Denham is investigating how Cambridge Analytica got the data. "We will need to monitor companies such as Facebook much more strictly in future and also punish breaches of data protection strongly, swiftly and painfully".

That data analytics firm tied to the Donald Trump presidential campaign accessed 50 million Facebook users' information without those users' knowledge, allegedly in an effort to influence voters.

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

Facebook chief Mark Zuckerberg took out full-page ads in nine major British and USA newspapers on Sunday to apologise for a huge data privacy scandal.

These files, which Facebook enables users to download freely, confirm the company has a wide range of information available on people, beyond the obvious content that is visible on someone's profile.

"Companies who have settled previous FTC actions must also comply with FTC order provisions imposing privacy and data security requirements", FTC Bureau of Consumer Protection Acting Dir.

Zuckerberg said he learned two years later from journalists at the Guardian that the Cambridge researcher had shared the data from his app with Cambridge Analytica, a move that violates Facebook policies.

Facebook's stock, which already took a big hit last week, plunged as a result.

But the fact that we're once again talking about it shows how far our trust in Facebook has fallen.

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