According to Financial Post
Shares of Facebook Inc fell again on Monday after the U.S. consumer protection regulator made public its investigation of how the social network allowed data of 50 million users to get into the hands of political consultancy Cambridge Analytica.
Scrutiny by the U.S. Federal Trade Commission, which generally confirms the existence of an investigation only in cases of significant public interest, adds to pressure by lawmakers in the United States and Europe for Facebook Chief Executive Mark Zuckerberg to explain how his company handles user data.
Facebook shares fell as much as 6.5 per cent, briefly dipping below US$150 for the first time since July 2017, before recovering the day’s losses to close up 0.4 per cent at US$160.06.
The shares are still down 13 per cent since March 16, when Facebook first acknowledged that user data had been improperly channeled to Cambridge Analytica. The company has lost more than $70 billion in market value since then.
It’s no secret that Facebook was a spying operation all along who kicked our day one friend Tom to the side many years ago.
What’s not understood is why Facebook had it’s large jump all of a sudden out of nowhere. It’s no secret that many of those who helped boost Facebook were government backed. The idea that Mark Zuckerberg could come out of nowhere and just sky rocket to the top like that is no accident.
Now we see that all of a sudden, this clearly organized spying realm has been compromised. Because Facebook sold out so hard, the information it provided and gathered was then sold to 3rd party entities that collected and possibly even shared such given information.
(This is Facebook’s stock market value since March 16)
Now, we see that advertisers are pulling out to the point Facebook has lost close to or possibly more than 100 billion dollars.
This came completely out of nowhere and oddly enough, seem more like a self-sabotage an attempt to hide something more sinister.
This could lead to something bigger.