Facebook's big data breach has already cost Mark Zuckerberg $3.8 billion


Following weekend revelations that Facebook was exploited by data firm Cambridge Analytica in order to harvest 50 million Americans' profiles, founder Mark Zuckerberg saw his fortune drop by $3.8 billion Monday morning, Bloomberg Technology reports.
Facebook stock had plummeted 6 percent by 10:50 a.m. ET, a change of around 12 points, with the S&P 500 tugged down almost 1 percent with the social media giant as its worst performer. That drop means the company has lost around $25 billion in market value, The Independent adds.
"The FANG internet giant hasn't been a market leader for months, unlike fellow FANGs Netflix, and Amazon and, to a lesser extent, Alphabet," writes Investor's Business Daily, adding: "Facebook's growth story may be winding down."
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Brian Wieser, an analyst at Pivotal Research, added to CNBC: "We think this episode is another indication of systemic problems at Facebook … We see enhanced risks for the company, but no near-term tangible impact on its business."
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Jeva Lange was the executive editor at TheWeek.com. She formerly served as The Week's deputy editor and culture critic. She is also a contributor to Screen Slate, and her writing has appeared in The New York Daily News, The Awl, Vice, and Gothamist, among other publications. Jeva lives in New York City. Follow her on Twitter.
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