Skip to main content

Market Overview

Apple, Facebook's Frosty Relations Have Origins In Cook Confronting Zuckerberg Over Data Privacy Back In 2019: NYT

Share:
Apple, Facebook's Frosty Relations Have Origins In Cook Confronting Zuckerberg Over Data Privacy Back In 2019: NYT

Apple Inc (NASDAQ: AAPL) CEO Tim Cook warned his Facebook Inc (NASDAQ: FB) counterpart to delete third-party data about users in 2019, The New York Times reported Monday.

What Happened: The conversation between the two tech leaders reportedly took place at the Sun Valley gathering in Idaho at a time when Zuckerberg was grappling with the Cambridge Analytica Scandal, which involved a data compromise involving 50 million users of the social network.

Cook is said to have told Zuckerberg “acidly” that Facebook should delete any information it collected about people outside of its core apps.

The Apple CEO’s response stunned Zuckerberg as Facebook depended on data about its users to target them with online advertisements in order to generate revenue, people familiar with the matter told the Times.

Why It Matters: In essence, Cook told Zuckerberg that Facebook’s business was untenable, noted the Times.

See Also: Mark Zuckerberg Told Facebook Staff In 2018 To 'Inflict Pain' On Apple: Report

On Monday, Apple announced the release of iOS 14.5 — an update with App Tracking Transparency features — which require apps to secure the user’s permission before tracking their data across apps or websites owned by third parties for advertising purposes.

Last month, former Facebook employees detailed how the latest iOS update would impact Facebook’s Audience Network, which places ads in non-Facebook apps.

Last year, the social media giant said that having to stop collecting the identifier for advertisers or IDFA on its apps would hurt its business and erode 50% of Audience Network revenue.

See Also: Could Apple Take A Bite Out Of FB Ad Revenues? Facebook Prepares To Open The Books On Q1

Both Apple and Facebook have warred in the public domain with the latter taking out full-page advertisements targeting the Cupertino, California-based tech giant in December.

Price Action: Apple shares closed 0.3% higher at $134.72 in the regular session on Monday and gained 0.13% in the after-hours trading. On the same day, Facebook shares closed nearly 0.6% higher at $303.04.

Read Next: Apple Faces Skirting Attempt On Ad-Tracking Rules From China Trade Groups Aided By Proctor & Gamble: Report

 

Related Articles (AAPL + FB)

View Comments and Join the Discussion!

Posted-In: Consumer Tech iPhone Mark Zuckerberg Tim CookNews Events Tech Media Best of Benzinga

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
SPAC
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com