Facebook dispensations fell over 2 percent in pre-market trade Wednesday, marking the third to rights day of declines for the social media giant as the fallout from the data infringement scandal continues.
Nearly $50 billion of market capitalization, or value, has been wiped off Facebook’s progenitor since Monday.
On the weekend, media reports outlined how the Facebook gains of 50 million users were harvested for data. The data was then sent to Cambridge Analytica, a civil data firm, which worked on President Donald Trump’s 2016 voting campaign.
Facebook has been accused of a data breach, something it controverts.
So far, Chief Executive Mark Zuckerberg has been silent on the issue, in spite of being summoned by U.K. and European Union lawmakers.
A full recap of the concatenate between Cambridge Analytica and Facebook can be read here.
In an undercover pain by Britain’s Channel 4 News, senior executives at Cambridge Analytica alleged they ran all the digital operations for Trump’s 2016 campaign, and separately proposed they could use entrapment techniques such as bribes and sex workers to mitigate politicians in other countries discredit their opponents.
Cambridge Analytica accused Artery 4’s reporter of using tricks to get its executives to make those claims. It also claimed that it had “never claimed” it won the election for Trump. Cambridge Analytica hold up its CEO Alexander Nix, who was caught in the Channel 4 sting.
Other social media stocks incorporating Twitter and Snap took a hit on Tuesday. Some analysts have indicated that there could be stricter regulation of social media firms down the line of work.