wnol.info May 23 2018

Facebook Dating announced, promptly causes Match.com's stock to plummet

May 23 2018, 01:20 | Alonzo Simpson

Josh Edelson AFP via Getty ImagesA sign is seen at the entrance to Facebook's corporate headquarters in Menlo Park

Josh Edelson  AFP via Getty ImagesA sign is seen at the entrance to Facebook's corporate headquarters in Menlo Park

At the F8 Conference earlier this week, the social media giant's CEO announced to the world plans of introducing a new feature within the platform in the form of a dating app, which will be known as Facebook Dating.

The announcement was a big blow to online dating company Match, which also owns the Tinder app. Shares of the Match group plunged by 22 percent, while those of its parent company IAC also dropped by nearly 18 percent, according to CNBC. Match Group Inc and its parent InterActiveCorp (IAC) plunged, wiping some $5 billion off their combined market values.

Zuckerberg said at F8 that Facebook will "keep building, even while we focus on keeping people safe".

It was reported that the social networking site had compromised with the personal data of over 87 million Facebook users to Britain-based Cambridge Analytica, which allegedly influenced voters during the 2016 United States presidential election. It was reported that this data had been used to influence the 2016 US Presidential elections. Additionally, these resources must include hiring more people of color across all levels of the company-an initiative that would address Silicon Valley's failure to take real steps towards embracing diversity.

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Not a good look for a company looking to rebuild trust. But this new feature is an example of exactly how the social network should be using the information we share - to help users make their lives fuller, happier and healthier. Facebook users can build a dating profile - which will not be visible to friends. With a dating service, Facebook will know who you're seeing, how often you date, and the type of people you're most interested in.

He also said that the dating service will be offered in several countries by the end of the year.

"We're flattered that Facebook is coming into our space - and sees the global opportunity that we do", Match CEO Mandy Ginsberg tells Bloomberg. It wants to be everything all at once - a networking site, a messaging platform, an e-commerce platform, a news service.and now, a dating app. With so much users' data stored on Facebook, there's definitely something to do. Apparently their best play is offering a dating service that asks you to give them EVEN MORE information about yourself. The idea is that people are already meeting strangers and getting together through the social media, so it might as well make it easier to find a date. It can also be collected if they like or share something on Facebook from those sites or apps. No word on whether Facebook intends to charge for the feature or not. Herrick said this information could be extremely valuable to marketers: "you know somebody's dating, they might also be more likely to purchase new clothes or makeup or other products".

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