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Facebook Shares Plunge, Zuckerberg Loses $5b | The Precision

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Facebook shares plunged Monday as the social media giant faced an
onslaught of criticism at home and abroad over revelations that a firm
working for Donald Trump’s presidential campaign harvested and misused
data on 50 million members.

On Wall Street, Facebook shares skidded 6.8 percent amid concerns
about pressure for new regulations that could hurt its business model.
The share plunge erased $5billion from the net worth of Facebook founder, Mark Zuckerberg on Monday.
Calls for investigations came on both sides of the Atlantic after
Facebook responded to the explosive reports of misuse of its data by
suspending the account of Cambridge Analytica, a British firm hired by
Trump’s 2016 campaign.

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Democratic Senator Amy Klobuchar and Republican John Kennedy called
for Facebook chief Mark Zuckerberg to appear before Congress, along with
the CEOs of Google and Twitter.
The two lawmakers said the companies “have amassed unprecedented
amounts of personal data” and that the lack of oversight “raises
concerns about the integrity of American elections as well as privacy
rights.”
Senator Ron Wyden asked Facebook to provide more information on what
he called a “troubling” misuse of private data that could have been used
to sway voters.
Wyden said he wants to know how Cambridge Analytica used Facebook
tools “to weaponize detailed psychological profiles against tens of
millions of Americans.”

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In Europe, officials voiced similar outrage.
Vera Jourova, the European commissioner for justice, consumers and
gender equality, called the revelations “horrifying, if confirmed,” and
vowed to address concerns in the United States this week.
In Britain, parliamentary committee chair Damian Collins said both Cambridge Analytica and Facebook had questions to answer.
“We have repeatedly asked Facebook about how companies acquire and
hold on to user data from their site, and in particular whether data had
been taken from people without their consent,” Collins said in a
statement.
“Their answers have consistently understated this risk, and have also been misleading to the committee.”
Alexander Nix is chief executive of Cambridge Analytica, which has
denied misusing Facebook data for its work on Donald Trump’s 2016
campaign.
Brian Wieser at Pivotal Research said the revelations highlight
“systemic problems at Facebook,” but that they won’t immediately impact
the social network’s revenues. (NAN)

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