- Facebook had its sharpest two-day decline since September of 2012, down 9.5%. That wiped out $49.6 billion off the company's market cap.
- The FTC is investigating the social media platform's use of personal data.
The FTC is looking into whether the social media giant "violated terms of a consent decree over its use of personal data," Bloomberg says, citing a person familiar with the matter.
Shares came under significant pressure Monday, falling as much as 8.1%, its biggest decline in two and a half years, on the news that Cambridge Analytica accessed data from 50 million Facebook without the users' permission.
Facebook ended up down 9.5% over the two days, effectively wiping $49.6 billion off the company's market capitalization.
- Mark Zuckerberg's net worth just plunged by $5 billion, but he and his college-sweetheart wife are still worth billions — see their houses, cars, and travels
- The 10 biggest blockbuster movies of all time, and how much they raked in
- Facebook's woes are playing right into the hands of one investor group