“Activist investor wants Zuckerberg out.”
Facebook CEO Mark Zuckerberg lost an estimated $16 billion in five minutes on Thursday following a disastrous second quarter earnings report. His future at the helm of the world’s largest social media platforms is now being challenged as his ability to lead is being doubted.
According to Hannity.com, Zuckerberg has been struggling to right the ship for months following a string of privacy-related scandals; pledging to crackdown on “fake news,” racism, and foreign meddling in the US election system.
“The extent of the fallout from the Cambridge Analytica scandal and the new European privacy law, known as General Data Protection Regulation (GDPR), is not yet clear. In the U.S. and Canada, Facebook’s daily active users remained flat sequentially at 185 million, while the number actually fell in Europe, falling to 279 million, down from 282 million,” writes Fox News.
“We plan to grow and promote certain engaging experiences like Stories that currently have lower levels of monetization, and we are also giving people who use our services more choices around data privacy, which may have an impact on our revenue growth,” said CFO David Wehner.
Full story at Fox News.