Facebook Loses $60 Billion USD in Wake of Cambridge Analytica Scandal

Amazon and Google even got caught in the ripple effect.

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Tech
24,867 Hypes 19 Comments

Following the social network’s Cambridge Analytica controversy, Facebook has lost $60 billion USD in market cap. At the end of last week, the social media platform was worth $537.69 billion USD in market capitalization and is now worth $476.83 billion USD.

Co-founder and CEO Mark Zuckerberg has been summoned by British lawmakers to show evidence on his company’s relationship with Cambridge Analytica; Zuckerberg’s own net worth has been reduced by $5 billion USD. Even industry giants like Amazon CEO Jeff Bezos and Google’s founding duo, Larry Page and Sergey Brin initially suffered from Facebook’s loss, according to Bloomberg. However, their shares have since recovered.

In related news, Snapchat’s stock dropped $800 million USD after Rihanna responded to an offensive ad on the platform.

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