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Nordea's investment in Facebook on hold over Cambridge Analytica controversy

Author: Sasja Beslik, Ethical Corporation (UK), Published on: 23 March 2018

" Why Nordea’s responsible investment funds have dropped Facebook" 23 Mar 2018. 

Facebook has...2.2 billion users –29% of the global population–...the amount of data available for massive. The...platform is bigger and more widely used than WhatsApp, Twitter and Instagram combined...Facebook’s revenues have grown from $153m in 2007 to $40bn in 2017 and the majority of the revenue is thanks to these 1.8 trillion data pieces shared on annual basis.Simultaneously...the company has revised its data privacy further weaken consumer protection and monetise data.In its current data privacy policy, there is regard to protecting sensitive data, requirements of consent by third parties for handling data, enhancing privacy in general or minimising data collection and retention. Recently, Facebook lost nearly 50 billion dollars in market cap on the news that Cambridge Analytica accessed data from 50 million users without consent.Furthermore, Facebook has been under investigation by regulators in Belgium, Germany, Spain, UK, Netherlands, France...Austria, Thailand, Indonesia, and the European Union. On the background of this...Nordea has put a temporary hold on investments in the stock for our sustainable funds on 21 March 2018.The ban is valid for three months, and will be reviewed at the end of the period.

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Related companies: Facebook Instagram (part of Facebook) Nordea Investment Management Twitter Whatsapp (part of Facebook)