FINSUM + Magnifi: Whistleblower Looms Over Facebook

October 12, 2021

Facebook was blacked out on Monday October 5, 2021, which they claim was related to technical issues on their backbone routers. This came just before Frances Haugen, former product manager for Facebook’s civil integrity team, said that regulators need to intervene in the ‘crisis’. 

  • Haugen told ‘60 Minutes’ that she saw Facebook consistently choose profits over public safety.
  • She took with her tens of thousands of documents that prove these claims. 
  • Additionally, she filed complaints with the SEC that Facebook misled investors and advertisers by not sharing the whole picture about its platform. 

FINSUM + Magnifi: This was a huge hit to Facebook stock on Monday, but it piggybacked on the rest of tech’s rally Tuesday morning to see some recovery. It is difficult to tell how long this may loom over the stock.

 

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