What is happening to Facebook?
The value of Facebook has dropped nearly $50 billion in 2 days.
Yesterday shares in Facebook finished down 2.9%. This followed a report that the company is being investigated by the Federal Trade Commission for their potentially illegal and unauthorized use of personal data.
Facebook is being looked at heavily by the Federal Trade Commission in whether they violated terms of a consent decree on how it can use personal data.
With Shares, down 8.1% Monday, was the biggest decline for Facebook in two and half years. This came after the announcement that Cambridge Analytica accessed data from 50 million Facebook users’ without their permission.
People are unhappy and this shows in the numbers. With Facebook down 9.5% over the two days, this relates to $49.6 billion off of the company’s market capitalization
This could see further trouble for the great giant, only time will tell what Mark Zuckerberg and his team will be able to do.