How to fix Facebook (FB) ? Jim Cramer says get a grownup in there and can Sheryl Sandberg.
Facebook has been making bad headlines all week after the British Parliament seized emails from the company. The documents were then released on Thursday, Dec. 6.
Facebook is Real Money's stock of the day.
TheStreet's Martin Baccardax broke down the news.
The documents, which were based on high-level emails between company executives and published Wednesday by Damian Collins, a U.K. lawmaker who chairs Parliament's Culture, Media and Sports Committee, suggest Facebook used user data as a way to both grow its business and restrict rivals from stealing a march on its market dominance. Last month, Collins seized the documents from Six4Three, an app developer that is suing Facebook, after CEO Mark Zuckerberg declined to appear before his Committee's investigation into alleged Russian meddling in foreign elections. In one instance, the documents suggest, Facebook denied 'Friends' List' access to Vine, the video-sharing service, on the same day it was launched on Twitter Inc. (TWTR - Get Report) micro-blogging platform.
Real Money's Kevin Curran is following Facebook for Real Money.
Curran reported earlier on Friday that, "the problems within the company's ranks could be just as damning as data breaches."
Earlier this week, the Menlo Park, California headquartered social media behemoth fell to seventh place on employment site Glassdoor's annual ranking of employers for 2019, knocking the company from the top spot it held 2018. Meanwhile, a report from the Wall Street Journal highlighted an overall more pessimistic outlook for the company.
Cramer said that he believes the issues with the company cannot be solved until the morale issue is solved. He told TheStreet that Facebook "needs to fire Sheryl Sandberg."