For a majority of American users, Facebook is now in the doghouse.
A new study from Pew Research found that 74 percent of American users have taken one of three actions to change the way they interact with Facebook in the past year.
According to the study, 54 percent of American users have adjusted their privacy settings, 42 percent have taken a break from checking their accounts for a few weeks, and 26 percent have deleted the app from their phones; 74 percent have taken at least one of these actions.
The study surveyed a representative sample of 4,594 adults, and researchers conducted the study between May 29-June 11. That means it was only conducted a few months after news of the Cambridge Analytica scandal broke, and about a month after Mark Zuckerberg faced a Congressional hearing over user privacy and security.
The Pew study also revealed some interesting demographic information about how different age groups interact with Facebook. More young Facebook users (ages 18-29) have adjusted privacy settings and deleted Facebook from their phones than older users. But the age groups took breaks from the app at similar rates.
The study’s findings aren’t exactly surprising. After all, in the wake of the Cambridge Analytica scandal — and as the deadline for complying the European Union’s General Data Protection Regulations loomed — Facebook changed its Terms of Service and prompted users to review their privacy settings. Searches for “how to delete Facebook” also reached a five-year high. And Facebook’s recent Q2 earning reports showed that it was finally taking a financial hit for all of its negative public opinion.
And, this morning, Facebook stock hit a monthly low. Although at today’s peak of $168.04 per share, it’s still significantly higher than it’s April low of $152.22 per share.
Looks like Zuck will have his work cut out for him if he wants to join Bezos and Cook in the trillion-dollar company valuation club.