Over $119bn wiped off Facebook's market cap after growth shock
by Rupert Neate Wealth correspondent from Technology | The Guardian on (#3VMA7)
Shares crash as social network admits user growth fell after Cambridge Analytica breach
More than $119bn (90.8bn) has been wiped off Facebook's market value, which includes a $17bn hit to the fortune of its founder, Mark Zuckerberg, after the company told investors that user growth had slowed in the wake of the Cambridge Analytica scandal.
Facebook's shares plunged 19% on Thursday in New York, a day after the Silicon Valley company revealed that 3 million users in Europe had abandoned the social network since the Observer revealed the Cambridge Analytica breach of 87m Facebook profiles and the introduction of strict European Union data protection legislation.
Continue reading...