Posted by alphaatlas 10:00 AM (CDT)
Thursday March 14, 2019
Facebook's news coverage hasn't been particularly positive over the past few months, but they had a particularly bad day yesterday. Following a widespread outage that lasted over 14 hours, and likely cost the company millions in advertising revenue, the New York Times released a report claiming that the U.S. Department of Justice has launched a criminal investigation into Facebook over their data sharing practices. According to their sources, two major handset manufacturers have already been subpoenaed. At this point, Facebook's public image seems to be in "it couldn't possibly get any worse" territory, hence their stock price barely budged in response to the incident and the story, and is still significantly up since to the beginning of March.
"It's already been reported that there are ongoing federal investigations, including by the Dept of Justice. As we've said, we're cooperating with investigators and take those probes seriously. We've provided public testimony, answered questions, and pledged that we'll continue to do so."