Facebook shares slide amid questions over Cambridge Analytica

Facebook shares slide amid questions over Cambridge Analytica

Cambridge Analytica, the data analysis firm hired by Donald Trump's 2016 presidential campaign, stole information from 50 million Facebook users' profiles to help design software to predict and influence voters' choices, according to the news reports.

Nix testified before the parliamentary committee on February 27 that Cambridge Analytica carried out advertising campaigns and conducted opt-in surveys on Facebook to collect data on users' political attitudes on behalf of its campaign clients.

The social network was down more than 5.5 percent to $175 a share in early morning trading.

One Wall Street analyst said the reports raised "systemic problems" with Facebook's business model and a number said it could spur far deeper regulatory scrutiny of the platform. In January, when Facebook announced changes to its newsfeed which it said would hit user engagement in the near term, shares fell 4.5 percent in one day.

"This raises serious questions about the level of detail that Cambridge Analyticaknew about users, whether it acquired that information illegally and whether it sought to abuse that information in support of President Trump's political campaign in the United States or Brexit in the United Kingdom", he told the Guardian.

Damian Collins, chairman of the House of Commons Digital, Culture, Media and Sport Committee, has called on Facebook founder Mark Zuckerberg to appear before MPs to explain his company's actions.

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Adam Schiff, the top Democrat on the House intelligence committee, urged for an investigation of Cambridge Analytica and said Facebook must explain why it would provide private user information to a company with links to Russian Federation.

Cambridge Analytica and its CEO were not immediately available to comment.

European Union lawmakers will also investigate whether the data of more than 50 million Facebook users has been misused and whether the massive trawling of data included EU citizens, said Antonio Tajani, president of the European Parliament. The probe also concluded the Moscow did not seek to assist Trump.

The drop, if sustained through the market's close, would be Facebook's biggest dip in more than a year.

"We do not work with Facebook data, and we do not have Facebook data".

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