Facebook is losing friends on the stock market amid Cambridge Analytica scandal


Facebook’s stock tumbled for the second straight day as the social network grapples with a massive data scandal.

Shareholders haven’t liked Facebook stock in recent days, as the value plummeted more than 5% by noon to about $163.



Facebook is in the hot seat after it was revealed that the Trump campaign-tied Cambridge Analytica had data on 50 million users the social network believed was deleted.

Facebook reportedly became aware of the purge in 2015, but only recently suspended Cambridge Analytica.

The company’s stock slid 3% on Monday, which cost Facebook almost $40 billion in market value.

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Cambridge Analytica reportedly sought the data — collected through a third-party app — to create an algorithm that’d influence voters.

The Federal Trade Commission has begun an inquiry into Facebook and if it violated 2011 terms of consent.

U.S. and UK lawmakers also want Facebook and CEO Mark Zuckerberg to answer a growing list of questions about what the company knew.

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Cambridge Analytica, which boasts that it worked for the Trump campaign, has fought off allegations it tried to sway elections in hundreds of countries around the world.

CEO Alexander Nix was secretly recorded telling an undercover reporter for Britain’s Channel 4 that Cambridge Analytica could entrap clients’ opponents with prostitutes or bridge deals.

The company has fought back at the report, arguing it was trying to root out bad clients.


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