Confirmation of a US Government Probe Pushes Facebook’s Market Loss To $90 Billion

The US Federal Trade Commission has confirmed that it is investigating Facebook over its privacy practices, following recent revelations that data firm Cambridge Analytica harvested and exploited tens of millions of users’ data without their permission. From a report: Facebook’s stock renewed its downward slide, bringing the company’s total loss of market value to around $90 billion since the scandal broke 10 days ago. “The FTC takes very seriously recent press reports raising substantial concerns about the privacy practices of Facebook. Today, the FTC is confirming that it has an open non-public investigation into these practices,” said Tom Pahl, acting director of the FTC’s Bureau of Consumer Protection, in a statement.