Facebook Shares Plunge Over Data Scandal (with Video)

By: Ahmed Yasser

CAIRO, Nov. 21 (SEE) – Facebook shares slipped on Tuesday at $132.43, up slightly from $131.55 on Monday, the company’s lowest closing share price in nearly 22 months. The decline comes after yet another major scandal for Facebook in what has been a tumultuous year for the company. After peaking in July, shares of the tech company are down almost 40 %.

It is worthy noting  that Facebook’s share price decreased in January when the company on announced major changes to news feed. Those changes included prioritizing content from users’ friends and family over content from brands they follow.

The Wall Street Journal reported that ”CEO Mark Zuckerberg” is embattled embattled, as the company fends off attacks from lawmakers, investors and angry users, some of whom have revived the social media call to Delete Facebook.

Zuckerberg announced that he expected that the time users spend on Facebook and their engagement with the service would decline as a result.

The firm on October, displayed that only 30 million users had been affected, but among them, 14 million had their names, contact information, gender, relationship status and other sensitive information exposed. Facebook’s value dropped by almost $16 billion that month.

Investors worry about how advertisers and users will respond to these latest revelations which come on the heels of the ”Cambridge Analytica” data scandal this spring and a more recent security breach that exposed the private information of millions of Facebook users.


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