Mark Zuckerberg's Meta Accused Of Snooping On Snapchat, YouTube, And Amazon User Traffic Data To Gain Competitive Edge: Report
Portfolio Pulse from Ananya Gairola
Meta Platforms Inc. (META) is accused of using a covert project named 'Project Ghostbusters' to intercept and decode network traffic from Snap Inc.'s Snapchat, as well as Alphabet Inc.'s YouTube and Amazon.com Inc., aiming to gain a competitive edge. The project, initiated in 2016, involved decrypting encrypted app traffic using Onavo, a VPN-like service acquired by Facebook. The revelations are part of a class-action lawsuit against Meta, highlighting ongoing legal challenges including a privacy investigation by the FTC and lawsuits over advertising and data collection practices.
March 27, 2024 | 3:21 am
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Meta Platforms Inc. faces accusations of intercepting user data from competitors, amidst a series of legal challenges.
The accusations against Meta for intercepting and decoding network traffic from competitors could negatively impact its stock price in the short term due to potential legal repercussions and damage to its reputation.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100
NEUTRAL IMPACT
Amazon.com Inc. was later included in Meta's project to intercept and decode network traffic.
Amazon being a target in Meta's covert project could raise privacy concerns among users. However, given Amazon's vast business model, the direct impact on its stock price is likely to be minimal.
CONFIDENCE 65
IMPORTANCE 50
RELEVANCE 60
NEUTRAL IMPACT
Alphabet Inc.'s YouTube was also targeted by Meta's 'Project Ghostbusters' for data interception.
Alphabet Inc.'s YouTube being a target of Meta's data interception project could bring attention to privacy concerns, but the direct impact on Alphabet's stock is uncertain due to its diversified operations.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 70
NEUTRAL IMPACT
Snap Inc. is directly involved as the victim in Meta's covert data interception project.
While Snap Inc. is a victim in this scenario, the impact on its stock price is uncertain. The news could potentially raise concerns about user privacy, but it also highlights Snap as a significant competitor to Meta.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80