Facebook shares drop again after a rough 2 days

Markets Insider

Facebook shares are down more than 2% to $US164 apiece early Wednesday. This after a tough two days where around $US50 billion has been wiped off the company’s market capitalisation.

The stock dropped sharply Monday after news broke that a political research firm, Cambridge Analytica, had illegitimately accessed 50 million user accounts. Shares then tumbled again on Tuesday when reports said the FTC would investigate whether the social media giant “violated terms of a consent decree over its use of personal data.”

The stock dropped 9.5% in total over Monday and Tuesday, wiping out $US50 billion of market cap.

The stock is down more than 9% year-to-date.

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