Facebook's value plunges by $9.5b after a document leak exposed the company for being "anti-competitive" - Naijaray
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Facebook’s value plunges by $9.5b after a document leak exposed the company for being “anti-competitive”

Facebook shares has taken a sharp fall one day after documents incriminating the tech giant were leaked.

As the stock markets opened today, the company’s shares opened around 2.5 per cent down, wiping about $9.5billion out of the company’s $379billion value.

This comes one day after a document leak which shows that Facebook used its platform to cripple rivals, aggressively pursued competitors, and leverage developers for advertising money, setting up conflicts with regulators and politicians around the globe.

The leaked documents revealed that:

Facebook planned to grant companies access to user data based on how much advertising they bought, and threatened to cut off access for firms paying under a certain amount.
Facebook programmed its android app to see users call and text records in which it admitted was a “pretty high-risk thing to do perspective”.
Mr Zuckerberg said he was “sceptical” that apps with access Facebook users’ data would pass data on, as then happened in the Cambridge Analytica scandal.
Facebook used Onavo app it acquired to spy on users’ phone usage, apparently without their knowledge, to identify competitors such as Whatsapp to buy out.
Following the document leak, stock investment firm Stiefel downgraded Facebook’s shares from “buy” to “hold” ahead of markets opening in New York, saying the company has made “too many adversaries” for its business to thrive.

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Stiefel told CNBC:

Facebook’s management team has created too many adversaries — politicians/ regulators, tech leaders, consumers, and employees — to not experience long-term negative ramifications on its business.
One key issue is how Facebook took “aggressive positions” against rivals and denied key competitors such as Vine access to its data, which shut down shortly after. Facebook CEO Mark Zuckerberg personally approved a decision to block Twitter’s app Vine from accessing users’ Facebook friends lists.

The papers leaked by British MP Damian Collins also showed that Facebook signed deals to give companies such as Netflix and AirBnB special access to user dater and spied on Android users’ calls and texts.

Facebook strongly denied ever selling user data and insisted it only granted these companies “short term extensions” to preserve user experience.

In the midst of the fallout, Zuckerberg was forced to defend himself on Wednesday night, saying in a lengthy Facebook post that the company “never sold anyone’s data”.

The EU is aggressively cracking down on tech monopolies and recently fined Google $5billion for breaching its competition laws. While the EU has so far been silent on the Facebook leak, regulators are certain to be aware of it and will likely investigate whether the social media giant broke any laws, Daily Mail reports.

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Politicians from eight world governments investigating the spread of fake news, led by British MP Damian Collins who leaked the papers, will also pile pressure on Facebook to disclose exactly how it monetises user data.

Following the document leak, on Wednesday night, a former Facebook staff described a “toxic and hostile” atmosphere at the company. One former senior employee told Buzzfeed News that workers are desperate for a change of leadership. Another said staff fear being scolded by furious bosses who are “spouting full-blown anti-media rhetoric, saying that the press is ganging up on Facebook.”

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Pipeline explosion rocks Abule Egba in Lagos (Photos)

Last night, a raging fire at Ebule Egba in Lagos reportedly caused by activities of pipeline vandals left residential and commercial houses severely affected.

According to reports, people are scampering to safety as It was alleged that vandals had caused an explosion from the pipelines, which extended to Abule Egba Bus Stop.

Reacting to the incident, Lagos Emergency service (LASEMA) said, ‘situation report regarding the oil spillage at Tipper Garage Bus Stop Abule Egba On arrival at the incident scene, the spillage from what appears to be bunkering activities came in contact with an ignitable source. The impact resulted in inferno as it ravaged houses and cars’.

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‘One chance’ operators arrested with fake US dollars and charms in Ogun State

The Nigeria Police Force, Zone 2 command through its Criminal Investigation and Intelligence Department have arrested four suspects who specializes in operating as “one chance” thereby defrauding people of their hard earned money.

On 27th November, 2018 the command received a distress call from one Mr Onyekwere that some group of people have been collecting money from his wife and he suspected they are fraudsters.

On receipt of the complaint the AIG in charge of zone 2 command, AIG Lawal Shehu directed a full scale investigation consequently the four suspects:

Babatunde Adeyemi 26years

Lawal Amoke 40years

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Oluwabunmi Okeomo 45years

Ogaode Monday 25years. All residents of Ogun State were rounded up in connection with the case.

Exhibits recovered from them includes; Ninety one thousand, nine hundred US fake Dollars, One Honda Accord vehicle with registration number MN 783 AAA and some fettish items.

The victim who explained that the suspects lured her while she boarded their vehicle, said they told her they will introduce her to phone business and subsequently she has parted with the sum of one million, five hundred thousand equivalent in US Dollars before her husband got wind of the incident and played along with the suspects until their arrest!

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The suspects whose shrine along Ifo in Ogun state has been raided by the police will soon be charged to court.

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Herdsmen: Retrieve grazing reserves from farmers – Miyetti Allah tells Buhari govt, states 

A Fulani socio-cultural association, Miyetti Allah Kautal-Hore has called on the Federal and State governments to retrieve lands gazetted as grazing reserves from farmers and hand them over to herdsmen.

The body made the call while insisting that government secure grazing reserves across the country to curb the recurring crisis between farmers and herdsmen across the country.

Speaking during a visit to the Governor of Sokoto State, the National President of the group, Alhaji Bello Badejo said most gazetted grazing reserves have been appropriated to farmers.

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He said, “The Federal Government should bring back our grazing reserves, some are gazetted and some are not.

“We do not know the reason why the government is delaying the preparation of the grazing reserves so that cattle herders can go back to their grazing areas.

“We have the national and the international cattle route, where are they now? This is because the government is not serious about the reserves.

“We are saying that if these ranches are in place, farmers and herders crisis would have been resolved most significantly.”

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