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.READ MORE: Witnesses Describe Chaotic Scene As Fatal Officer-Involved Shooting Unfolds Near U.S. Open Of Surfing
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.READ MORE: Marvel Suing To Keep Rights To 'Avengers' Characters From Copyright Termination
The two-day rout is the worst since July 2012. That is the year that Facebook went public at $38 a share.Funeral Service To Be Held In Covina Hills For Lance Cpl. Dylan Merola Who Was Killed In Afghanistan