Zero Hedge does a good summary of Facebook’s recent troubles, which seems to be causing key members of the management team to abandon ship:
Less than one day after Facebook suffered an unprecedented outage that lasted for hours and impacted all of the company’s media properties (which was blamed on a “server configuration outage“), and just hours after the NYT reported that Facebook is under criminal investigation over its data deals, and that a New York grand jury has subpoenaed records from at least two smartphones manufacturers which gained access to personal data of hundreds of millions of users, moments ago Facebook announced that two top execs had unexpectedly quit the company.
In a blog post to employees published on the company’s website, in which he said that he wants “to share some important updates as we organize our company to build out the privacy-focused social platform I discussed in my note last week” adding that “embarking on this new vision represents the start of a new chapter for us”, Facebook CEO Mark Zuckerberg wrote that both Chris Cox, Chief Product Officer, and Chris Daniels, CEO of WhatsApp, had decided to leave the company.
Zuckerberg also announced that Will Cathcart will be new head of WhatsApp, and that Fidji Simo will be new head of the Facebook app; meanwhile Zuck said he doesn’t plan to immediately appoint anyone to fill Cox’s role.
The market is not very excited by this development, and the Stock slumped a further 1.5% after hours, bringing the day’s total drop to nearly 4%