Stock sees third worst trading week ever

Facebook stock suffered its third worst week of all time from the wake of the Cambridge Analytica data scandal — which heightened privacy concerns as well as also spurred government probes into the social media giant.

The company’s shares fell more than 13 percent for the week, closing Friday just below $0.

COO Sheryl Sandberg said in an interview with CNBC on Thursday that will the company doesn’t look at matters of user privacy in terms of long-term damage to stock cost or its business design.

Still, Facebook lost roughly $75 billion in market capitalization This particular week.

The company will be facing questions via lawmakers on both sides of the Atlantic about how the idea handles personal user data after a pair of weekend reports by The Observer newspaper from the U.K. as well as also The brand-new York Times alleged research firm Cambridge Analytica improperly gained access to the data of more than 50 million Facebook users.

The stock fell nearly 7 percent Monday after the reports.

The shares dropped another 2.5 percent Tuesday after reports that will the FTC would likely investigate Facebook’s role from the data leak.

Wednesday saw Facebook’s only single-day gain for the week — shares closed up less than a percent after CEO Mark Zuckerberg broke days of silence as well as also apologized for the incident.

By Thursday, a #deletefacebook movement had gained momentum as well as also analysts had downgraded the stock citing an uncertain path forward.

The company’s highest executives appeared receptive to calls via lawmakers for official testimonyand major advertisers reported the leak wouldn’t steer them away via the platform — nevertheless the shares still fell another 2.5 percent.

The stock closed down more than 3 percent Friday, doing the weeklong tumble Facebook’s worst since July 2012 — just two months after the company went public.

After the week’s losses, Facebook will be more than 18 percent off its 52-week high of $195.32

Leave a Reply

Your email address will not be published. Required fields are marked *

*

twelve − four =