Google parent Alphabet drops as tech stocks get whacked

  • Google parent Alphabet‘s stock price dropped close to 4% in trading Monday, part of a broader tech selloff led by Facebook.
  • A political research firm with ties to President Donald Trump reportedly accessed 50 million Facebook user accounts without authorization.
  • Facebook is under huge pressure from lawmakers in the US and the UK over the way it handles user data and how that data can be manipulated for targeted political advertising.
  • “The concern is that you’re opening a can of worms,” Macquarie analyst Ben Schachter told Business Insider. The long-term concern is that regulators might respond to news of the breach with onerous restrictions, said Schachter.
  • Some of those restrictions could also apply to a company like Alphabet.
  • Watch Alphabet’s stock price in real time here.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.