Many users of Facebook-owned photo-sharing service Instagram were left furious on Tuesday after it was widely reported that the company had changed its terms of service in order to sell its customers’ photos for advertising purposes without obtaining their permission. It seems clear that Instagram – and by extension, Facebook – has lost brand equity as a result, with one user describing the updated terms as the company’s “suicide note”. While the uproar may be based on a misunderstanding, as Instagram’s chief executive has since tried to point out, it could mean further bad news for Facebook shareholders, who have had a rough ride since the social network’s IPO back in May.

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