The entire world is shocked because of data leaked which occurred in one of the most highly used social app Facebook. On Monday, the stock of this social media broke down to 7% with the decline in the market value of the company to $35 Billion. It is due to data leak case of millions of users.
What is the case about?
The personal information of about five million Facebook users on Cambridge Analyst which is a helping firm in the US presidential election owned by Donald Trump is stolen.
The information was used during the election. The response from Facebook Inc. is being asked from both American and European MPs. They want to know how Britain Cambridge Antilica helped Donald Trump to win the presidential elections in America.
How did it affect the shares of the company?
Due to this case, the Facebook shares fell down to 7% on Monday. It is because of which Facebook CEO Mark Zuckerberg suffered a loss of $6 billion.
The Facebook stock price fell to $170.12 share on Monday after closing Friday at $185.09 per share leading to 8.1 percent decline. This is Facebook worst performance after so many years.
On July 27, 2012, Facebook shares lost 11.7 percent after showing the decline in revenue growth with its stocks decreased to an all-time lowest level in the firm’s financial results.
In all Facebook suffered a major loss by bringing its CEO Mark Zuckerberg to the seventh spot from the fifth place in Forbes’ World’s Billionaires real-time ranking list.