Business Stories of the Week: Friday, March 30, 2018

by March 30, 2018

Facebook struggled with more fallout from the Cambridge Analytica scandal this week, while Snapchat laid off about 100 employees. (Photo via Pixabay.com)

#DeleteFacebook picks up steam

In the wake of the Cambridge Analytica scandal, more and more Americans are learning how Facebook uses their data. Business Insider reported that the #DeleteFacebook movement is reaching a “fever pitch.” Former Facebook executives, like WhatsApp founder Brian Acton, are also encouraging users to delete their profiles. This all comes on the heels of Facebook’s stock sliding and the FTC’s announced probe into the Cambridge Analytica scandal. If the #DeleteFacebook movement continues to grow and Facebook loses a significant number of members, this could have far-reaching economic consequences, as it will shake up one of the principal means of marketing and advertising strategy.

More employers focusing on “lifestyle” benefits

In a recent FRACTL survey of 2,000 employees, 88% of respondents said they would consider a lower-paying job for perks like flexible hours or better insurance coverage, MarketWatch reported.  Offering perks like flexible time off or health insurance is often cheaper than increasing salaries. According to research by Glassdoor, more companies are offering more frequent one-time bonuses instead of pay raises, since those bonuses are more flexible during times of downturn.

What would happen in a trade war?

Some states would fare better than others, according to a MarketWatch analysis. Michigan — where international exports make up almost 40% of its GDP, would suffer tremendously, while Wyoming — 10% — would probably be fine. Other states like Louisiana, which exports a significant amount of offshore oil, and Kentucky, which made 1.3 million cars last year, would likely see a reduction in investments and possible job losses. The top seven foreign-exporting states (Michigan, Louisiana, Kentucky, Tennessee, South Carolina, Texas, and Indiana) all voted for Donald Trump in 2016.

Carnival Cruise trades free trip for Snapchat handle

A Virginia teen whose Snapchat handle was @CarnivalCruise just earned a free cruise for himself and his family. The cruise line, eager to snag the Snapchat handle, will fly 15-year-old Darian Lipscomb and his family to Barcelona for the inaugural voyage of the Carnival Horizon — a trip worth about $5000. The teen created the handle in 2012 to share pictures of his first cruise.

Snapchat lays off 100 employees

Snapchat just laid off about 100 employees in its ad sales division after cutting about 120 engineers earlier this month, Bloomberg reported. This comes after Snap, the app’s parent company, posted disappointing numbers for three consecutive quarters after their IPO last year and after a controversial update caused high-profile users like Kylie Jenner to criticize the app publicly.