Facebook pays price for Cambridge Analytica data scandal

CAIRO, July 26th (SEE) – Facebook’s shares collapsed on Thursday by 18% when the stock market opened in New York today, after the social network company had said that about three million users in Europe had abandoned Facebook.

Facebook’s market value lost over $109 billion in the early morning trading aftermath the Cambridge Analytica data leak scandal, marking the largest ever loss of value in one day for a U.S. traded company.

The collapse came after the Silicon Valley company warned the investors of expecting a decline in the growth rate, saying in the number of the users in Europe fell from 282 million at the end of March to 279 million at the end of June.

Now, the largest loser is Mark Zuckerberg, the Facebook chief executive officer, whose fortune fell by $14.5 billion from $86.5 billion on Wednesday to $72 billion on Thursday, making him the sixth richest person in the world instead of being the third yesterday.

 Some analysts said Facebook’s issues would not be easily resolved.

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