Social media giant, Facebook has reportedly lost more than $70 billion in market value after owner, Mark Zuckerberg admitted Cambridge Analytica had access to data of 50 million users for Trump’s campaign in 2016.
More so, it’s shares in the U.S. Stock market have also plunged by 13 percent, below $150 for the first time since July 2017.
The company is currently being probed by the U.S. consumer protection regulatory body, the Federal Trade Commission and attorneys from 37 states.
The Commission announced Monday it opened an investigation into the company, following media reports which raised “substantial concerns about the privacy practices of Facebook.”
“These revelations raise many serious questions concerning Facebook’s policies and practices, and the processes in place to ensure they are followed,” the commission said.
“We need to know that users can trust Facebook. With the information we have now, our trust has been broken.”
The FTC said it is investigation whether Facebook violated a 2011 consent order it agreed with it over privacy practices. If found guilty, the company could be fined thousands of dollars a day per violation, which could add up to billions of dollars, Reuters has said.
More so, Facebook is facing pressure from U.S. and European lawmakers to explain its privacy practices. Zuckerberg is scheduled to testify before a U.S Senate panel on data privacy on April 10.
Several companies, including Mozilla and M&C Saatchi are among world leading brands, which have stopped their adverts on Facebook.