Facebook loses $58 billion in value

Facebook loses $58 billion in value

Facebook loses $58 billion in value

Written by Nathasha De Alwis

24 Mar, 2018 | 5:21 pm

Facebook has ended its week $58 billion lower in value after a Channel 4 report exposed a historic data breach.

Facebook founder, Mark Zuckerberg apologised for the data breach which is said to have affected 50 million users.

However, the apology did not stop investors from selling Facebook shares, with many wondering just how bad the damage would be to the social media network.

The breach was called a “light bulb” moment for users, as it started the #deletefacebook movement.

This has led to some advertisers saying “enough is enough” and ending their advertising on the network.

Shares in the social media company fell from $176.80 on Monday to around $159.30 by yesterday (March 23) night.


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