Facebook founder and CEO Mark Zuckerberg broke several days of silence in the face of a raging privacy storm to go on CNN this week to say he was sorry. He also admitted the company had made mistakes; said it had breached the trust of users; and said he regretted not telling Facebookers at the time their information had been misappropriated.
From techcrunch article.

The week Facebook's value plunged $58bn

That means users can sue FB.

@rookiemaverick I think so

@Floydian I regret for using facebook 😂

Even they have complete chat history with deleted friends also.

I'm sorry I got caught
- MZ

@Floydian same here

Ok .but i am not using FB

@rEaL-jAsE because, they sell their data to the highest bidder. Always did. All the free social networking sites do. Its not new information. In fact this facebook fiasco is so general information i dont even consider that as news worthy.

@monr0e not@CatMDV it's not about how much sensitive data sold, it's about selling user's data which maybe private or may not be but it's not right.

And thus......a titan falls

It wasn’t sold. A researcher at a university here in the UK (Cambridge or oxford I can’t remember) made a personality quiz app, that used its oauth permissions to scrape the profile data (likes, email address etc) of both the authorising user and their friends.

Some of it will have been hampered by privacy settings, but as we all know most people have their social media completely open to the world.

This researcher then sold his dataset to Cambridge Analytica, who then did some analysis to identify patterns in the likes etc and how that correlated to political leanings.

The breach was between the researcher and CA, not Facebook.

Facebook was over eager to support development, and gave too much access over the API.

They knew about the breach for years, and were thoroughly lacklustre about correcting it.

Now they’re trying to save face.

Doesn’t matter though, even if the company goes down, the brass have made away with millions / billions.

I haven't used iPhone till now.

I read this in appygeek-
If you granted permission to read contacts during Facebook's installation on Android a few versions ago—specifically before Android 4.1 (Jelly Bean)—that permission also granted Facebook access to call and message logs by default. The permission structure was changed in the Android API in version 16. But Android applications could bypass this change if they were written to earlier versions of the API, so Facebook API could continue to gain access to call and SMS data by specifying an earlier Android SDK version. Google deprecated version 4.0 of the Android API in October 2017—the point at which the latest call metadata in Facebook user's data was found. Apple iOS has never allowed silent access to call data.