Facebook is sliding on report FTC looking into its use of personal data

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Markets Insider

Shares of Facebook are sliding Tuesday morning following a report the Federal Trade Commission is probing the company’s use of personal data.

The FTC is looking into whether the social media giant “violated terms of a consent decree over its use of personal data,” Bloomberg says, citing a person familiar with the matter.

Shares came under significant pressure Monday, falling as much as 8.1%, its biggest decline in two and a half years, on the news that Cambridge Analytica accessed data from 50 million Facebook without the users’ permission.

Facebook has now fallen 9.3% since the news broke. It is down 4.8% this year.