Facebook shares plunged Monday following revelations that a firm working for US President Donald Trump’s presidential campaign harvested data on 50 million users, as analysts warned the social media giant’s business model could be at risk.
The drop of roughly 5 percent means that around $25 billion has been lost from the company’s market value, reported UK-based online daily The Independent.
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 communications firm hired by Trump’s 2016 campaign.
“This is a major breach that must be investigated. It’s clear these platforms can’t police themselves,” Democratic Senator Amy Klobuchar said on Twitter.