Facebook shares tremble as regulatory pressure intensifies

Facebook shares tremble as regulatory pressure intensifies

Facebook shares tremble as regulatory pressure intensifies

Written by Nathasha De Alwis

21 Mar, 2018 | 8:00 am

Facebook share could be seen sliding down as of yesterday (March 20), amid ongoing furor concerning the use of data collected by the social network.

The firm’s stock closed down 2.6%, following a steep decline a day earlier.

Facebook shares continued to slide on Tuesday, amid ongoing furor concerning the use of data collected by the social network.

The firm’s stock closed down 2.6%, following a steep decline a day earlier.

The concerns infected fellow social media company Twitter, which was down more than 10%.

Investors are reacting to calls for tighter regulation of tech firms from politicians in the US, UK, and Europe.

Yesterday (March 21), Foreign media reported that the Federal Trade Commission, a US regulator, is looking into Facebook’s handling of personal data.

The questions follow allegations that 50 million Facebook users’ private information was misused by a political consultancy firm.

Cambridge Analytica (CA), used by the Trump campaign in the 2016 US election, has been accused of taking personal data without users’ knowledge.

The firm’s chief executive Alexander Nix has been suspended by the company’s board.


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