Shares of Facebook Inc fell again on Monday after the U.S. consumer protection regulator made public its investigation of how the social network allowed data of 50 million users to get into the hands of political consultancy Cambridge Analytica.
Scrutiny by the U.S. Federal Trade Commission, which generally confirms the existence of an investigation only in cases of significant public interest, adds to pressure by lawmakers in the United States and Europe for Facebook Chief Executive Mark Zuckerberg to explain how his company handles user data.
Facebook shares fell as much as 6.5 per cent, briefly dipping below US$150 for the first time since July 2017, before recovering the day’s losses to close up 0.4 per cent at US$160.06.
The shares are still down 13 per cent since March 16, when Facebook first acknowledged that user data had been improperly channeled to Cambridge Analytica. The company has lost more than $70 billion in market value since then.
At the day’s session low the company had lost US$100 billion in market value since March 17, when newspapers first reported that Facebook member data was improperly used by consultants Cambridge Analytica to target U.S. and British voters in close-run elections. Full story...
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Scrutiny by the U.S. Federal Trade Commission, which generally confirms the existence of an investigation only in cases of significant public interest, adds to pressure by lawmakers in the United States and Europe for Facebook Chief Executive Mark Zuckerberg to explain how his company handles user data.
Facebook shares fell as much as 6.5 per cent, briefly dipping below US$150 for the first time since July 2017, before recovering the day’s losses to close up 0.4 per cent at US$160.06.
The shares are still down 13 per cent since March 16, when Facebook first acknowledged that user data had been improperly channeled to Cambridge Analytica. The company has lost more than $70 billion in market value since then.
At the day’s session low the company had lost US$100 billion in market value since March 17, when newspapers first reported that Facebook member data was improperly used by consultants Cambridge Analytica to target U.S. and British voters in close-run elections. Full story...
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