Facebook fell 13 percent this week to below $160
Shares of Facebook fell more than 13 percent on the week, closing just below $160. Seemingly, stock suffered its third worst week of all time in the wake of the Cambridge Analytica data scandal. This has heightened privacy concerns and encourages government probes into the social media giant.
The lawmakers have asked several questions on both sides of the Atlantic about how it handles personal user data after a pair of weekend reports alleged a massive leak.
According to experts the weeklong tumble is Facebook’s worst since July 2012.
The COO of the company also stated that the company does not look at matters of user privacy in terms of long-term damage to stock price or its business model.