2018 was a tumultuous year for Facebook, with its CEO Mark Zuckerberg facing mounting criticism. The social media giant was embroiled in controversies ranging from the Cambridge Analytica scandal, where personal data of millions of users was misused for political campaigns, to accusations of spreading fake news and enabling election meddling. This led to a significant drop in the company’s stock price, wiping out billions from its market value.
Zuckerberg’s response to these crises was considered inadequate, leading to further public backlash. His insistence that Facebook was a platform, not a publisher, and thus not responsible for the content shared by its users, was widely criticised. The company’s attempts to self-regulate were seen as insufficient, prompting calls for stronger government regulation.
Facebook’s internal culture also came under scrutiny. There were reports of low morale among employees, with some leaving the company. A number of high-profile executives, including WhatsApp co-founder Jan Koum and Instagram co-founders Kevin Systrom and Mike Krieger, also departed.
In response to these challenges, Zuckerberg announced a renewed focus on privacy and a shift towards encrypted messaging. However, critics argue that this pivot may be too little, too late, and that Facebook needs to make more fundamental changes to regain public trust.
Go to source article: https://www.vanityfair.com/news/2018/01/mark-zuckerberg-facebook-downward-spiral