Facebook shares fell sharply again in early trading yesterday after US authorities launched a probe into claims it gave away 50m users’ private data.
The stock dropped as much as 6.1 per cent on Wall Street, wiping nearly £20billion off its value, after the US Federal Trade Commission said it would investigate.
The stock later clawed its way back into positive territory.
Facebook founder Mark Zuckerberg has seen his fortune hammered by the price drop, losing at least £9.8bn on the more than 400m Facebook shares he owns
Facebook has been accused of handing private information over to Cambridge Analytica, which used it to target US voters in Donald Trump’s election campaign.
It means the social media giant has shed as much as 18.9 per cent or £58billion since the crisis began, as traders fret it will suffer an exodus of users after losing their trust and be mired in years of legal action.
Chief executive and founder Mark Zuckerberg has seen his fortune hammered by the price drop, losing at least £9.8billion on the more than 400m Facebook shares he owns.
The 33-year-old faced criticism for his handling of the crisis, staying silent for five days after the claims emerged.