Facebook shares plunged on Monday as the social media giant faced an onslaught of criticism at home and abroad over revelations that a firm working for Donald Trump’s presidential campaign harvested and misused data on 50 million members.
On Wall Street, Facebook shares skidded 6.8 percent amid concerns about pressure for new regulations that could hurt its business model.
The share plunge erased $5 billion from the net worth of Facebook founder, Mark Zuckerberg.
According to The Eagle Online, Calls for investigations came on both sides of the Atlantic after Facebook responded to the explosive reports of misuse of its data by suspending the account of Cambridge Analytica, a British firm hired by Trump’s 2016 campaign.
Democratic Senator Amy Klobuchar and Republican John Kennedy called for Facebook chief Mark Zuckerberg to appear before Congress, along with the CEOs of Google and Twitter.
The two lawmakers said the companies “have amassed unprecedented amounts of personal data” and that the lack of oversight “raises concerns about the integrity of American elections as well as privacy rights.”