Connect with us

Entrepreneur Stories

The Facebook Privacy Scandal Still Continues!

Published

on

Facebook Privacy Scandal Still Continues,Startup Stories,2018 Motivational Stories,Inspiring Startup Story,Facebook Privacy Scandal,Facebook Data Protection,Cambridge Analytica Data Breach,Facebook Privacy Issues,Facebook Latest Updates

The global social media giant Facebook, is under the scanner once again over privacy related concerns.

In recent months, Facebook have been caught up with a number of privacy scandals and data protection issues including the infamous Cambridge Analytica data breach issue.

The link with the earlier data scandal is the University of Cambridge’s Psychometrics Center controlled both data sets. Alexander Kogan, who is a core component of the Cambridge Analytica scandal, was part of this project as well.

However, there seem to be a no end to the Facebook privacy scandals.

A data set of more than 3 million users have been exposed via a personality quiz app called myPersonality. The app, myPersonality was developed by researchers at the University of Cambridge. The quiz was taken by over 6 million people. The data included answers to personal questions and was held by academics from the University of Cambridge Psychometrics Centre.  The personality quiz exposed the personal Facebook details and even status updates of around 150,000 users.

This data was supposed to be restricted to a group of selected people with official approvals, it was reportedly made available to a select group of researchers outside of Cambridge as well.

The app accessed the Big Five, personality app recorded personality scores of 3.1 million users and status updates from over 150,000 users, including details about age, gender and relationship status from 4.3 million people. Ever since the news of this scandal came to light, Facebook suspended the myPersonality app!

Facebook’s response to this led to an investigation into the myPersonality quiz and the associated apps. The social media giant has so far suspended 200 apps that could be involved in data harvesting in this manner.

 

With the privacy issues continuing to woe us, is the social media giant Facebook secure enough to use?

 

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Entrepreneur Stories

SoftBank To Sell Off Entire Stake In Flipkart

Published

on

SoftBank Sell Off Entire Stake In Flipkart,Startup Stories,Startup News India,2018 Latest Business News,SoftBank Business Updates,Walmart acquisition,SoftBank funding,SoftBank CEO Masayoshi Son,Flipkart Stake

SoftBank Group Corp., a Japanese multinational conglomerate, is in talks to sell off its entire stake in Flipkart. In a recent announcement, SoftBank confirmed that it will sell its stake of 23.6 % in the e tailer giant Flipkart, post the Walmart acquisition.

SoftBank spokesperson stated, SoftBank confirms the sale of its entire stake in Flipkart to Walmart.

The CEO Masayoshi Son, said its investment in the Indian e commerce Flipkart, was worth around $ 4 billion. The SoftBank Vision Fund also invested $ 30 billion in startups, last year. At a recent press conference held in Tokyo, Masayoshi disclosed that SoftBank’s $ 2.5 billion stake in Flipkart which was picked up last year, would be now worth $ 4 billion if it chooses to exit the firm. As the SoftBank’s fund is registered in Jersey, USA, there is no Double Taxation Avoidance Agreement (DTAA) as a buffer. However, SoftBank has now decided to sell the stake and work out the tax issues. SoftBank was earlier in discussions as well in order to stay invested in Flipkart and delay the sale due to tax issues related to short term capital gains.

 

According to a source, Walmart’s price implies Flipkart’s operating losses over the 18 months starting in August would be close to $ 2 billion. The overall hit to Walmart’s earnings from the Flipkart deal, including Flipkart’s losses, will be between $ 2.5 billion and $ 2.7 billion.

In the next coming years, Walmart’s approach toward Flipkart’s financial activities is likely to be determined by its investors in the United States. However, Walmart’s stock fell by 4% on the day it announced the Flipkart acquisition.

The buzz is SoftBank is also looking forward to exploring other avenues since it is not willing to miss out on Indian e commerce industry. Walmart also claims that SoftBank’s decision of selling its stake in Flipkart, will not make a major difference to its future plans for Flipkart.

 

Continue Reading

Entrepreneur Stories

Amazon India Is Now Worth $ 16 Billion!

Published

on

Amazon India Is Now Worth $16 Billion,Startup Stories,Startup News India,2018 Latest Business News,Amazon India Business Updates,Amazon India Funding News,Amazon Growing India Business,Amazon Founder Jeff Bezos,Amazon Worth,Indian Ecommerce Market

With a lot of mergers and acquisitions taking place in the business world, the United States based technology giant Amazon India, could be valued at $ 16 billion. This makes Amazon India, the second most valued e commerce in India followed by it’s rival, Flipkart. Citi Research revealed a report last week in which it said  Amazon India is expected to reach $ 70 billion in gross merchandise volume (GMV) and $ 11 billion in net sales by 2027.

The acknowledgment took place a week after the international retail giant Walmart, announced that it will acquire Indian e tailer Flipkart, with a 77 % stake. Post the acquisition, India’s largest e tailer Flipkart, now values between $ 20 billion to $ 22 billion.

Jeff Bezos, the Founder of Amazon, dedicated a whopping $ 5 billion for Amazon India services. In a recent shareholder letter, Bezos said the subscription service Prime added more members in India than in any other country previously. Bezos added in the letter that Prime Video is investing in Indian content in a massive manner.

Citi’s senior analyst Mark May and Hao Yan also noted in the report,

We believe that the India ecommerce market will grow at a 21% CAGR over the next ten years to reach a mark of $ 202 Bn, that Amazon could capture 35 % of this market and that the company could generate more than $ 10 Bn in revenue and nearly $ 1.5 Bn in FCF (free cash flow) by 2027.

The present valuation of $ 16 billion makes Amazon worth more than 170 companies in the S&P 500, including Clorox, Macy’s and Tiffany & Co.

According to a report by investment bank Morgan Stanley, Indian e commerce market is ready to fasten at $ 30 billion and is expected to be worth $ 200 billion by the year 2026. With e commerce market in India booming at an amazing pace, Jeff Bezos definitely looks dedicated toward enhancing  Amazon India’s infrastructure and growth by investing majorly in India.

 

Continue Reading

Entrepreneur Stories

Oracle Unknown Facts

Smruthi Kishore

Published

on

Oracle Unknown Facts,Startup Stories,Startup News India,Unknown Facts about Oracle,Mind Blowing Facts about Oracle,Interesting Facts about Oracle,Awesome Oracle Facts

Oracle’s ride to success has been fast, quick and inspirational. From being a data programming company to a power player in the cloud computing industry, Oracle has come a long way! While the company works at constantly repositioning itself with new inventions, here are a few facts you did not know about this cloud computing, multi faceted startup!

1. The beginning 

The company was started as a result of an CIA project codenamed Oracle. Larry Ellison liked the name Oracle so much, he stole it after the project was completed! Ironically, Oracle was also the name of ITVs latest service in the 1970s and the 1980s! Unfortunately, the first version of the Oracle failed miserably.

2. The second version was an instant success

With the first version of the software being such a disaster, there were quite a few expectations riding on Ellison and his team. Ellison simply renamed the first version as Oracle Version 2. Written in assembly language for the DEC PDP 11, a mini computer popular at the time with businesses and academia, it contained 128KB of memory.

3. Oracle’s first customer

Oracle’s first customer was Wright Patterson Air Base. According to Oracle, this sale was the first commercial version of relational database software sold on the market. However, it wasn’t until Oracle 7 in 1992 when the company finally managed to pull away from its rivals!

4. Oracle came back from a bust 

The pressure to grow, or at least appear to grow, was too high for Oracle. With so many mini Ellisons running around the place, the company started to fall to pieces. In fact, at one point, the company even thought of firing Ellison. Oops! However, they pulled through and clearly, they are now a force to be reckoned with!

5. Ray Len was Ellison’s key to success! 

Did you know that Larry Ellison would not have become a millionaire if it weren’t for Ray Len? In 1992, structure officially came to be when Len joined Oracle. He was responsible for single handedly creating the founding stone for Oracle 7!

With Oracle on the brink of becoming a truly enormous superpower, it is definitely worth looking into some unknown facts about Oracle. Comment and let us know if we missed out on any facts about Oracle!

Continue Reading
Advertisement

Recent Posts