Twitter’s drop of 18.5 percent Friday morning comes one day after Facebook lost 19 percent of its value.
CEO Mark Zuckerberg’s fortune tumbled Wednesday as Facebook shares fell 20 percent in after-hours trading.
The problem, which Facebook said it has fixed, is the latest privacy scandal for the world's largest social media company.
After two days of congressional testimony, what seemed clear was how little Congress seems to know about Facebook, much less what to do about it.
Under fire Tuesday for the worst privacy debacle in his company’s history, CEO Mark Zuckerberg apologized several times for Facebook failures and batted away often-aggressive questioning from lawmakers.
Facebook is facing its worst privacy scandal in years following allegations that Cambridge Analytica used ill-gotten data from millions of users through an app to try to influence elections.
Facebook shares declined in morning trading, falling 5.5 percent, to $163.08 each. That follows a drop of 6.8 percent Monday that was the company’s largest since March 2014.
The social network is under fire after newspapers reported that former Trump campaign consultant Cambridge Analytica used data, including user likes, inappropriately obtained from roughly 50 million Facebook users to try to influence elections.
Facebook Inc. said it is making major changes to its flagship social network, shifting users’ news feeds back toward posts from friends and family and away from businesses and media outlets—a transition that is likely to mean people spend less time on the site.
The Tuesday following Thanksgiving—after Black Friday, Small Business Saturday and Cyber Monday—has become known for ushering in millions of dollars for thousands of charities.
Emma Hostetter’s business generated $100,000 in revenue in its first year—without an actual website. She has one now, and it’s about to get an e-commerce component.
The fast-growing social media analytics company has opened a downtown office and chosen two locals to lead its product and sales divisions.
More small businesses are turning to technology to connect with clients. Nationwide, over half of firms with fewer than 100 employees use social media, according to a 2012 survey from research firm SMB Group Inc.
After a year of escalating hype, Facebook’s May 18 initial public offering failed to come anywhere near Wall Street’s glorified expectations.
Facebook sold 421million shares to raise $16 billion, giving the company a $104 billion market value. After the debut, underwriters bought the stock to keep it from falling below the IPO price.
At the top end of the predicted range of $28 to $35 per share, Facebook would raise up to $13.6 billion and sport a market value just shy of $100 billion.