Facebook Facing Backlash over Alleged Access to Data
CBJ — The United States government as well as lawmakers in the European Union are applying more pressure to carry out an investigation into reports that a consultancy that worked on President Donald Trump’s campaign gained access to data on 50 million Facebook users.
Facebook’s shares were down 7%, wiping around $30 billion off its market value and dragging the S&P 500 technology sector down by 2%. Facebook shares were on track for their biggest one-day percentage decline since Oct. 2014.
The scrutiny presents a new threat to Facebook’s reputation, which is already under attack over Russians’ use of Facebook tools to sway American voters with “fake news” posts before and after the 2016 U.S. elections.