Fidelity bank card banner Camano banner
Facebook loses over $100bn amid US investigation

By Ovunc Kutlu, New York on 27/03/2018

Views: 634


Facebook’s stock fall more than 6 percent Monday after the Federal Trade Commission (FTC) announced it is investigating the worst data leak in the company’s history. 

“The FTC takes very seriously recent press reports raising substantial concerns about the privacy practices of Facebook,” the commission said in a statement referring to U.K.-based Cambridge Analytica’s use of 50 million Facebook users’ information without consent. 

“Today, the FTC is confirming that it has an open non-public investigation into these practices,” the statement said. 

Facebook’s stock suffered massive losses last week after news of the data leak, and the slide continued Monday. 

Shares plunged to as low as $149.12 at 11.20 EST (1520GMT) after closing Friday at $159.39.

The company’s stock lost 19.4 percent since last Monday, resulting in approximately $103 billion in losses in its market capitalisation. The firm’s market value was approximately $432 billion at 11.20 EST.

Founder and CEO Mark Zuckerberg saw his personal net worth fall to almost $60 billion during that time. He began last week at $74.5 billion.

Facebook faced more allegations Saturday when tech news website Ars Technica reported the social network saves call logs, names, phone numbers, texts, and messages of its Android users going back for years.

“This is not the case,” Facebook replied in a statement that said call and text history logging is part of its Messenger application that helps users stay connected with friends.

The company said users who no longer wish to use the feature can turn it off at their settings. (Anadolu Agency)



Source News Express

Posted 27/03/2018 05:15:06 AM





You may also like...
Governor gives herdsmen 48 hours to leave Benue...

Newspaper turns heat on Police, President Jonathan over...

Vice-Chancellors meet to brainstorm on university education

Nigeria to attain rice sufficiency by 2019: Buhari...

Health Minister to stakeholders: Embrace NAFDAC guidelines

Inside Boko Haram’s Hideout: The story of Sambisa...

Google invests $500m in Chinese e-commerce powerhouse

El-Rufai picks Hadiza Balarabe as running mate

Economy: VP seeks banks’ support

Wahala dey-o!: ANOTHER EX-MILITANT lines up AGAINST President...


147 bombs recovered from private homes in Borno...


Latest News Angry man destroys cars at Nigerian High Commission in London over passport Protest as land grabbers sack Ogun villages, install traditional ruler Woman who wanted $1m fake notes defrauded N700,000 Election Tribunal: Obi raises hope of victory •Says INEC must provide server used for polls China opens door to more Nigerians, promises to facilitate visa issuance 5 feared dead, several injured as hoodlums clash during Egungun festival in Ibadan Edo Assembly: Call Obaseki to order, members-elect tell Buhari We’ve broken monopoly of WAEC, says NECO Boss Imo Assembly to begin recovery of ‘stolen’ govt property Foreign Direct Investment into Nigeria has not dropped — CBN Brain disease kills 97 Indian children, ‘heat curfew’ imposed Gov. Abiodun inaugurates committee to review Amosun’s last-minute promotion of Obas


Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (494,563 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (425,553 views) Shameless Genevieve Nnaji exposes breasts in public (365,384 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (312,030 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (276,299 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (244,032 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (234,004 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (215,900 views) 10 cars more expensive than Jets (212,820 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (204,488 views) Lagos plane crash: Journalist releases victims’ names (184,556 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (183,882 views)


NNPC Financial reports February 2019

CBN banner advert

UBA Wise Savers Promo


Categories Advertorials (3) African Press Organisation (81) Art & Literature (93) Business & Economy (4,312) Business Verdict (73) Columnists (1,051) Complaints & Requests (95) Enterprise & Opportunities (209) Entertainment (623) Features (761) Global Business Monitor (379) ICT Monitor (53) International (3,598) Interview (184) Live Commentary (30) Love Matters (162) Maggie's Blog (302) News (47,456) Opinion (1,260) Pidgin (17) Politics (11,032) Religion (1,023) Sports (2,044) Stock Watch (39) AMA & Al Jazeera Global Update






APO Group Partner




GOCOP Accredited Member

GOCOP Accredited member



Africa Media Agency and Al Jazeera