Facebook cache suffered its third worst week of all time in the wake of the Cambridge Analytica facts scandal — which heightened privacy concerns and spurred government investigations into the social media giant.
The company’s shares fell more than 13 percent for the week, make inaccessible Friday just below $160.
COO Sheryl Sandberg said in an interview with CNBC on Thursday that the assembly doesn’t look at matters of user privacy in terms of long-term spoil to stock price or its business model.
Still, Facebook lost amateurishly $75 billion in market capitalization this week.
The company is faade questions from lawmakers on both sides of the Atlantic about how it deals personal user data after a pair of weekend reports by The Watcher newspaper in the U.K. and The New York Times alleged research firm Cambridge Analytica improperly close in oned access to the data of more than 50 million Facebook buyers.
The stock fell nearly 7 percent Monday after the reports.
The share ins dropped another 2.5 percent Tuesday after reports that the FTC would consider Facebook’s role in the data leak.
Wednesday saw Facebook’s only single-day gain ground for the week — shares closed up less than a percent after CEO Label Zuckerberg broke days of silence and apologized for the incident.
By Thursday, a #deletefacebook flow had gained momentum and analysts had downgraded the stock citing an uncertain channel forward.
The company’s highest executives appeared receptive to calls from lawmakers for legal testimonyand major advertisers reported the leak wouldn’t steer them away from the tenets — but the shares still fell another 2.5 percent.
The stock closed down numerous than 3 percent Friday, making the weeklong tumble Facebook’s worst since July 2012 — moral two months after the company went public.
After the week’s liability liabilities, Facebook is more than 18 percent off its 52-week high of $195.32