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Facebook has lost about $60 billion in market cap so far this week on the back of startling revelations about the misuse of user data. But the problem runs deeper than some missteps with Cambridge Analytica. Facebook has been under fire for around two years for a related string of scandals ranging from fake news to election meddling to privacy blunders. On Wednesday, the founder of WhatsApp, which Facebook purchased a few years ago for $19 billion told his Twitter followers that it's time to delete Facebook. The basic problem, it seems, is that Facebook cannot be trusted. More and more users are holding back on Facebook, unsure of how safe or sensible it is to share information with the company or to believe information they see on the platform. This has the potential to be a more serious, long-term problem than this week’s share price correction.