Facebook Loses Nearly $50 Billion In Value
LOS ANGELES (CBSLA) — The privacy scandal rocking Facebook has cost the social media company nearly $50 billion in market value over the past two days.
Facebook shares tumbled 6.8 percent Monday and another 2.56 percent Tuesday after news of the Cambridge Analytica data breach. The Facebook stock price is currently at $168.15.
At the end of last week Facebook's market value was $537.69 billion. At the end of Tuesday it was at $488.48 billion.
The two-day rout is the worst since July 2012. That is the year that Facebook went public at $38 a share.
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