As bad as things have been for Facebook since the Cambridge Analytica scandal broke one year ago, one team of researchers think the reality of the company’s circumstances is even more dire than investors realize.
In a report published Thursday by PlainSite, an independent research shop, analysts calculated that Facebook CEO Mark Zuckerberg has been regularly lying to investors and the public about the company’s user metrics, and that the company could be overestimating the number of users by as much as 50%.
The team detailed their findings in a 70-page report published on their website.
Facebook has been lying to the public about the scale of its problem with fake accounts, which likely exceed 50% of its network. Its official metrics—many of which it has stopped reporting quarterly—are self-contradictory and even farcical. The company has lost control of its own product.
Ultimately, this is just the latest sign that Facebook – formerly one of the world’s most successful companies – is doomed to go the way of CompuServe and AOL.
FB shares are sliding as the report makes the rounds.
Read the full report below:
via ZeroHedge News http://bit.ly/2sMmERn Tyler Durden