Facebook, the social media giant, came under fire following reports it allowed improper access to user data. The stock was down almost 7% in Monday trading, evaporating a market value of more than $30 billion.
A major investigative piece by The New York Times and The Guardian detailed how Facebook failed to protect its data from Cambridge Analytica, a political research and technology firm that used the information to create ads for the Trump campaign. Cambridge Analytica worked on Facebook ads with President Donald Trump's campaign in 2016.
Facebook traded 6.8% lower and dropped below their 50-day and 100-day moving averages, two key technical levels. The social media titan is facing demands from U.S. and European lawmakers to explain how a consultancy that worked on President Donald Trump’s election campaign gained improper access to data on 50 million Facebook users.
As leaks surface about how the personal information of 50 million Facebook users was stolen and exploited during America's 2016 presidential election, Mark Zuckerberg has not been seen. There is a fundamental conflict between Facebook's business interests and the public interest. Zuckerberg can't hide from that.