Facebook Inc. is on the hunt for other Cambridge Analytica-sized data leaks, and the company warned Thursday that users and investors might not like what it finds.
A few years ago, 270,000 people used a personality quiz app on the social network and shared information on their Facebook friends. That added up to as many as 87 million people. The data was later passed to Cambridge Analytica, a political consulting firm, without users’ consent. After public uproar, Facebook announced it would audit all popular apps from when its data rules were looser.
Facebook said it expects to discover and announce more “instances of misuse of user data or other undesirable activity by third parties,” according to a filing Thursday with the Securities and Exchange Commission.
The media may uncover foul play before Facebook does, the company also said. Either way, “the discovery of the foregoing may negatively affect user trust and engagement, harm our reputation and brands, and adversely affect our business and financial results,” the social-media giant said in the filing.
This could also expose Facebook to more regulatory risk, fines and penalties, beyond the scrutiny that’s already led Chief Executive Officer Mark Zuckerberg to testify to Congress, it warned in the filing covering results from the first quarter of 2018.
All public companies list potential risks in regulatory filings, often repeating the same ones from quarter to quarter. Facebook updated its risk section as the company audits how outside developers use its social network and cuts off some access to data. The ongoing process is testing Facebook’s developer relationships.
The filing came a day after Facebook announced its earnings, passing expectations for sales and user growth, and showing that its advertising machine is so far unscathed. The shares soared.
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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ADCC AFC Women’s Champions League Group A fixtures
October 3: v Wuhan Jiangda Women’s FC
October 6: v Hyundai Steel Red Angels Women’s FC
October 9: v Sabah FA
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%3A%3C%2Fstrong%3E%20Eco%20Way%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20December%202023%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Ivan%20Kroshnyi%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%2C%20UAE%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Electric%20vehicles%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Bootstrapped%20with%20undisclosed%20funding.%20Looking%20to%20raise%20funds%20from%20outside%3Cbr%3E%3C%2Fp%3E%0A
UAE currency: the story behind the money in your pockets
Race card for Super Saturday
4pm: Al Bastakiya Listed US$250,000 (Dh918,125) (Dirt) 1,900m.
4.35pm: Mahab Al Shimaal Group 3 $200,000 (D) 1,200m.
5.10pm: Nad Al Sheba Conditions $200,000 (Turf) 1,200m.
5.45pm: Burj Nahaar Group 3 $200,000 (D) 1,600m.
6.20pm: Jebel Hatta Group 1 $300,000 (T) 1,800m.
6.55pm: Al Maktoum Challenge Round 3 Group 1 $400,000 (D) 2,000m.
7.30pm: Dubai City of Gold Group 2 $250,000 (T) 2,410m.
Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5