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: LA County Reports 43,883 New COVID-19 Cases As Winter Surge Continues
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: FBI Dallas Identifies Colleyville Synagogue Hostage Taker As Malik Faisal Akram
The two-day rout is the worst since July 2012. That is the year that Facebook went public at $38 a share.Authorities Increase Security At Local Synagogues Following Texas Standoff