SoftBank wants to push Neumann out of the CEO role ahead of the IPO.Technologyread more
The next three weeks are among the rockiest, on a historical basis, of the entire calendar.Trading Nationread more
An annual survey by Piper Jaffray found iPhone users willing to upgrade to newly released models declined compared to last year.Technologyread more
The UK's Civil Aviation Authority said Thomas Cook had now ceased trading and the regulator would work with the government to bring the more than 150,000 British customers...Europe Marketsread more
Microsoft is looking for a new way to grab business from retailers as they fend off Amazon.Technologyread more
The holidays are a critical time for many brands, as sales during this time of year can make up 30% of a retailers annual sales. Heading into the gift-giving season, shoppers...Retailread more
Banks have historically used armies of mortgage brokers to gather income and asset documents from prospective borrowers.Financeread more
Guggenheim reiterates its buy rating on Boston Beer's stock and raises its price target to $462 from $449 per share.Investingread more
On-demand delivery company Postmates is partnering with Phantom Auto, an autonomous vehicle teleoperator, to coordinate driverless deliveries.Autosread more
Oprah Winfrey is bringing her famed book club to Apple's new streaming subscription service.Technologyread more
Bruce Broussard, CEO of health insurance company Humana, sits down with CNBC's Bertha Coombs to discuss the state of the industry, integrating digital health technology,...Squawk Boxread more
The data scientist at the center of Facebook's data controversy says the company knew he passed information to Cambridge Analytica, and called Facebook's side of the story a "fabrication."
Those claims came in an email obtained by Bloomberg that University of Cambridge data scientist Aleksandr Kogan had written to university colleagues.
Kogan confirmed to CNBC that the Bloomberg article "states the facts of what the email entailed" but declined to give further comment or provide a copy of the email.
"We clearly stated that the users were granting us the right to use the data in broad scope, including selling and licensing the data," Kogan reportedly wrote in the March 18 email. "These changes were all made on the Facebook app platform and thus they had full ability to review the nature of the app and raise issues."
He also insists that the method of data collection was perfectly legitimate.
"Each user who authorized the app was presented with both a list of the exact data we would be collecting, and also a Terms of Service detailing the commercial nature of the project and the rights they gave us as far as the data," he reportedly wrote.
Furthermore, he reportedly said the personality profiles he had assembled wouldn't be particularly useful to for targeted advertising — or in this case, campaigning.
Facebook did not step in until 2015. And when it did, the social media company removed his app and asked that Kogan delete the data. Kogan insists he did.
Kogan's assertions directly contradict those of Facebook executives, who insist he "lied" in passing the data along to Cambridge Analytica.
A Facebook representative forwarded to CNBC a statement that it claims Kogan made to the company in 2014:
"This app is part of a research program in the Department of Psychology at the University of Cambridge. We are using this app for research purposes — learning about how people's Facebook behaviour can be used to better understand their psychological traits, well-being, health, etc and overcome classic problems in social science. Users of the app will be presented with a description of the types of data we gather and the scientific purpose of the data. Users will be informed that the data will be carefully protected and never used for commercial purposes." (The underline was made by Facebook.)
Facebook has come under fire this week after reports emerged that political data analytics company Cambridge Analytica accessed the data of over 50 million users of the social media network without their permission. Facebook knew about the data leak back in 2015, but the public only learned after reports in the New York Times and Observer over the weekend.