21 March 2018 0 Comments Posted By : Jeran Wittenstein

Facebook just lost $60 billion — more than Tesla's entire market cap — in two days

Facebook Inc.’s privacy crisis has turned into a shareholder crisis.

The social media giant has lost over US$60 billion in market value over the past two days, following revelations that personal data of millions of users was obtained by a data analytics firm. That’s more than the market capitalization of Tesla Inc. at around US$52 billion or three times that of Snapchat owner Snap Inc. at about US$19 billion.

Facebook shares tumbled 6.8 per cent on Monday, the most in almost four years, and the selloff resumed on Tuesday with news that the U.S. Federal Trade Commission is reportedly investigating the handling of user data, and a report that Chief Security Officer Alex Stamos plans to leave. Shares fell 4.7 per cent to US$164.51 at 2:23 p.m. in New York.

The two-day rout is the worst since July 2012, the year of Facebook’s initial public offering at US$38 a share.

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