Facebook loses its place in the elite list of the world’s 10 most valuable brands
Image Credit www.thoughtcatalog.com.
The world-famous social networking website, Facebook slips to the 14th spot in global brand consultancy Interbrand’s annual ranking of best top 100 brands. Facebook has always enjoyed its position among the world’s 10 most valuable brands but due to privacy scandals and year-round investigations, it lost its place.
In 2017, this social networking giant was placed at the eighth spot and was termed as a ‘rapidly appreciating’ brand.
The mobile giant Apple attained the top spot in the top 100 best brands’ list. The second and third spots were taken by Google and Amazon, respectively. While Microsoft attained the fourth spot, Coca Cola fifth, and Samsung made it to the sixth spot.
Toyota was placed at the seventh spot, Mercedes eighth, McDonald’s ninth, and Disney attained the tenth spot.
Marc Benioff, the CEO of US-based software giant Salesforce has termed Facebook as ‘new cigarettes’, as it is making the new generation addictive and to this Benioff remarked that the company must be held responsible for this situation.
Many lawmakers of US like Senators Elizabeth Warren and Kamala Harris have also pitched to break up this social network giant.
As many as 40 US state attorneys general have decided to investigate against anti-competitive business practices of Facebook.
To settle the privacy violation issues, Facebook has agreed to pay $5 billion to the US Federal Trade Commission or FTC.
According to the survey reports of Ponemon Institute, conducted in 2018, the Facebook users’ confidence dropped by 66 percent after the huge Cambridge Analytica Data scandal that included almost 87 million users.
The believers in Facebook’s privacy policy also dropped from a high of 79 percent to a low of 28 percent.
In a statement, Ponemon remarked that according to the studies, people are concerned about their privacy on Facebook and after Facebook’s mega data breach, people are now getting more concerned about it and some people might come out to vote with their feet and leave.
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