Cambridge Analytica Scandal and Its Impact on Facebook

The social media giant Facebook is no stranger to scandals. Recently, Meta, which owns Facebook, has reached an agreement. It will pay hundreds of millions of dollars in order to solve a class action lawsuit. According to the lawsuit, Facebook gave third parties access to user data without users' consent. Meta has to pay $725 million in order to settle the scandal.

The above-mentioned lawsuit was prompted after the social media giant disclosed information that had a negative influence on its reputation. According to Facebook, information about millions of people was improperly shared with one company. The name of the company is Cambridge Analytica.

Have you heard about Cambridge Analytica? It was a consulting firm from the United Kingdom. As a reminder, Cambridge Analytica no longer exists. The consulting firm mentioned above closed operations in 2018.

Without exaggeration, the scandal created numerous problems for Facebook.

In 2019, the social media giant agreed to pay billions of dollars in order to solve the issue. The company also agreed to pay millions of dollars in order to settle a case with the SEC. The SEC is the abbreviation of the U.S. Securities and Exchange Commission.

Meta and its users

Since the scandal, the social media giant changed its name to Meta. The company changed its name to Meta as it wants to play a more important role in the metaverse. Facebook remains one of the biggest social media companies in the world. It has hundreds of millions of users from around the world.

Social media platforms are popular all over the world. People like to use Facebook, Instagram, and other platforms in order to share information, etc. However, it is important not to forget about various risk factors.

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