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EU fines Facebook $122 million for misleading information over WhatsApp buyout. The European Commission said when Facebook informed it of the 2014 buyout it said it would be unable to “establish reliable automated matching” between user accounts. Ref. Source 9n.
This has been a concern for a long time but I think investors did not think it would be used at the level it has reached now. Could Facebook take a tumble and phase out? I doubt.
International Level: New Activist / Political Participation: 18 1.8%
FTC says it's investigating Facebook amid Cambridge Analytica scandal; Facebook stock dives. The Federal Trade Commission said Monday it is investigating the social media giant's privacy practices. Facebook has faced intense backlash after consulting firm Cambridge Analytica inappropriately got the personal data of as many as 50 million Facebook users. The scandal has hammered Facebook's stock value. Ref. USAToday.
Facebook just had the worst day in stock market history
Facebook just had the biggest wipeout in stock market history.
Shares plunged 19% on Thursday after executives warned that revenue growth would slow as the company focuses on user privacy.
The sell-off vaporized about $119 billion in market value — the biggest single-day loss for any public company in history, according to Thomson Reuters. Ref. CNN.