FTC Confirms Probe into Facebook Privacy Practices; FB Stock Plunges

0
1113

Under the decree, Facebook must notify users and receive explicit consent before sharing their personal data beyond their privacy settings.

In a statement to CNBC, Rob Sherman, Facebook’s deputy chief privacy officer, said, “We remain strongly committed to protecting people’s information. We appreciate the opportunity to answer questions the FTC may have.”

Facebook stock movement since data scandal emerges

The stock price of Facebook declined as much as 6% after the FTC announced the investigation on Monday. Last week, the social network giant lost nearly $50 billion in market value in just two days.

Over the past five days, FB stock fell more than 13% following reports regarding the Cambridge Analytica data scandal. The stock is trading $155.35 per share around 1:51 in the afternoon on Monday. The price was down from its 52-week high of $195.32 per share.