Facebook's big data breach has already cost Mark Zuckerberg $3.8 billion
Following weekend revelations that Facebook was exploited by data firm Cambridge Analytica in order to harvest 50 million Americans' profiles, founder Mark Zuckerberg saw his fortune drop by $3.8 billion Monday morning, Bloomberg Technology reports.
Facebook stock had plummeted 6 percent by 10:50 a.m. ET, a change of around 12 points, with the S&P 500 tugged down almost 1 percent with the social media giant as its worst performer. That drop means the company has lost around $25 billion in market value, The Independent adds.
Facebook shares plunge 5.3 percent. Cambridge Analytica expose by @nytimes and @Guardian is hitting Zuckerberg hard. Latest via #CheddarLIVE https://t.co/T5VI4ZfU0M pic.twitter.com/0PfDpdcv6i
— Jim Roberts (@nycjim) March 19, 2018
"The FANG internet giant hasn't been a market leader for months, unlike fellow FANGs Netflix, and Amazon and, to a lesser extent, Alphabet," writes Investor's Business Daily, adding: "Facebook's growth story may be winding down."
Brian Wieser, an analyst at Pivotal Research, added to CNBC: "We think this episode is another indication of systemic problems at Facebook … We see enhanced risks for the company, but no near-term tangible impact on its business."