*By Carlo Versano* Google cut its losses Monday after the publication of a story about a previously unreported data breach at its struggling Google+ social network. The Alphabet-owned company ($GOOGL) said in a [blog post](https://www.blog.google/technology/safety-security/project-strobe/) that it would shutter Google+ to consumers as part of a larger restructuring of its privacy controls. It noted that "90 percent of Google+ user sessions are less than five seconds." The post seemed timed to respond to a [report](https://www.wsj.com/articles/google-exposed-user-data-feared-repercussions-of-disclosing-to-public-1539017194) in the Wall Street Journal that the company had discovered a vulnerability back in March that left the private data of hundreds of thousands of Google+ users potentially exposed for as long as three years until it was found and patched. Further, the Journal reported that Google executives, including CEO Sundar Pichai, made a strategic decision to keep the vulnerability secret due to the potential for "immediate regulatory interest." The bug was discovered just as the Facebook ($FB) scandal involving Cambridge Analytica was reinvigorating a public debate over how the big tech companies were handling the massive troves of data they were collecting. Google said the vulnerability was a result of a coding bug in conjunction with an API that gave access to outside developers and exposed the names, email addresses, occupations, genders, and ages of roughly 500,000 users. It said it found no evidence that the exposed data was misused by third-party developers. The decision to keep the issue private and then kill the social network altogether reflects the heightened stakes for the handful of tech companies that control the vast majority of the web. The "growth at all costs" mantra is being replaced with a more cautious approach that seeks to weigh the trust of an increasingly skeptical public and new interest from regulators. But by not immediately alerting the public last spring, Google has likely made the matter worse for itself as it now must react to a scandal just as it gets ready to [unveil](https://www.youtube.com/channel/UCIG1k8umaCIIrujZPzZPIMA) a slate of new devices.

Share:
More In Business
Stocks Close Lower, Dow Sheds 200 Points Amid Russia-Ukraine Tensions
Stocks closed lower Friday, with the Dow shedding 200 points as stocks fell overall for the second week in a row amid rising Russia-Ukraine tensions. Investors are on edge as U.S. officials including President Joe Biden say they expect a Russian attack on Ukraine in the coming days. Aadil Zaman, Partner at Wall Street Alliance Group, joins Closing Bell to discuss today's close, how consumers are shifting their mindset around COVID-19, earnings season, geopolitical tensions, and more.
With Super Bowl Over, What's New for Draftkings in 2022?
Coming off of the latest NFL season, Draftkings has plans for growth and new bettors to join its platform following what it saw as a record year of state legalization of sports betting and Super Bowl action. CEO Jason Robins joined Cheddar News to talk about what in store for the company in 2022, including labor issues leading to the postponement of the MLB's spring training games and the NCAA's March Madness. "There's a lot of really exciting stuff that happens in the first couple of rounds all the way through to the championship game. So typically we've seen incredible activity during March Madness on the betting side," Robins said.
PlayersTV CEO on New Athletes On Demand Sports Subscription Platform
PlayersTV is bringing sports viewers Athletes On Demand, a subscription platform to provide fans with thousands of hours of sports content from their favorite athletes. CEO Angela Bundrant joined Cheddar News to discuss the new rollout. "People can expect to receive content or buy into content on demand that comes from their favorite athletes," said Bundrant, listing star partners like the Phoenix Suns' Chris Paul and New Orleans Pelicans' C.J. McCollum.
NYSE Applies for NFT Marketplace as Popularity of Digital Assets Soars
The New York Stock Exchange has applied for trademark licenses to launch metaverse-, NFT-, and cryptocurrency-related goods, but denies that it has any immediate plans to launch these virtual products. Adam Hollander, the founder of Hungry Wolves NFT, joins Cheddar News' Closing Bell, where he noted such a plan would be "game-changing."
Walmart Beats Earnings Estimates and Inflation Amid Spike in Retail Sales
Walmart beat earnings estimates for the fourth quarter, and despite losses stemming from supply chain costs and COVID-19 employee sick leave, the big box chain was still able to fight inflation as costs rose across the board. What's next for Walmart and other retail giants as inflation continues to run hot? Arun Sundaram, Senior Equity Analyst at CFRA Research, joins Closing Bell to discuss.
Bamboo-Based Paper Products Startup on a Mission to End Deforestation Raises $5 Million
Bamboo-based toilet paper company Cloud Paper raised $5 million in a recent funding round. Its product is a bamboo-based alternative to traditional toilet paper made from trees, and its mission is to end the deforestation caused by traditional paper products. Cloud Paper says the raise will allow it to make significant investments in its supply chain, product development, and hiring. Ryan Fritsch, a co-founder of Cloud Paper, joined Cheddar News' Closing Bell to discuss.
Load More