Facebook shares tank as data row explodes
Calls for investigation arise from both sides of Atlantic.
Washington: Facebook shares plunged as the social media giant was pounded by criticism at home and abroad over revelations that a firm working for Donald Trump’s presidential campaign harvested and misused data on 50 million members.
Calls for investigations came on both sides of the Atlantic after Facebook responded to explosive reports of misuse of its data by suspending the account of Cambridge Analytica, a British firm hired by Trump’s 2016 campaign.
Democratic Senator Amy Klobuchar and Republican John Kennedy called for FB chief Mark Zuckerberg to appear before Congress, along with Google and Twitter's CEOs. The lawmakers said the companies “have amassed unprecedented amounts of personal data” and that the lack of oversight “raises concerns about the integrity of American elections as well as privacy rights.”
Meanwhile, Facebook said it has hired a digital forensics firm to examine how the data leaked and to ensure that any data collected was destroyed. Facebook shares skidded 6.8 per cent by the close of the Nasdaq on concerns about pressure for new regulations that could hit its business model. Shares slipped to $170 in after-market trades.