How did Facebook lose $6 billion in one day? - letsdiskuss
Official Letsdiskuss Logo
Official Letsdiskuss Logo

Language


Sammy Williams

@letsuser | Posted | Science-Technology


How did Facebook lose $6 billion in one day?


0
0




Manager at Amazon | Posted


The technology giant Facebook is in the eye of a storm after a revelation that a political data analytics firm, Cambridge Analytica, hacked into data of more than 50 million users on its network to manipulate the data during the 2016 US Presidential elections.


This impact of the data breach has taken a toll at Facebook stock and owner Mark Zuckerberg’s net worth.

His net worth dropped by $6.06 billion in one day after following reports that Cambridge Analytica exploited over 50 million users' personal data to support Donald Trump's election campaign.


Earlier in February, Zuckerberg lost $3.06 billion in a single day after the global market crash. After this controversy broke out several investors hit the panic button and sold off Facebook shares. Facebook share dipped to eight percent and the tech giant lost $35 billion in market and is currently valued at $502.6 billion. 


However, despite the whopping single-day loss, Zuckerberg remains the fourth-richest person on the Bloomberg Billionaires’ List, after Jeff Bezos, Bill Gates and Warren Buffet.


Letsdiskuss





3
0

Picture of the author