Facebook's latest scandal knocked $40 billion off its market value

It’s not a great time to own Facebook stock.

The social media company’s market valuation fell by roughly $40 billion on Monday following the revelation that the Trump-linked, U.K.-based company Cambridge Analytica harvested information from 50 million Facebook profiles without user consent.

The company’s stock price was down 6.8 percent by the end of the day, marking the worst day the stock has had since March 2014.

The decline is one of the biggest percentage drops to ever occur for the social network’s stock, and according the Wall Street Journal, the decline also knocked Facebook out of the S&P 500’s five biggest market caps. The distinction of the S&P 500’s biggest five is now held by Apple, Google’s parent company Alphabet, Amazon, Microsoft, and Berkshire Hathaway. Read more…

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Source: Mashable | Facebook's latest scandal knocked billion off its market value