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Facebook share price brutally torpedoed by Cambridge Analytica scandal

Facebook’s share price took a massive tumble this week in the wake of the Cambridge Analytica scandal. Here’s the latest news and updates on Facebook’s stock market valuation, after CEO Mark Zuckerberg apologised for the social network’s “major breach of trust.”

What a week it has been in the world of technology.

On the one hand, we enjoyed seeing truckloads of new luxury watches being unveiled in Switzerland at Baselworld 2018, And on the other, the unsavoury revelation that Facebook users had their data manipulated by UK-based data firm Cambridge Analytica, with a view to impacting major world events. Think Trump’s election in the US and the pro-Brexit vote in the UK to get an idea of what we’re talking about here.

Quite the sea change, isn’t it?

With regards to Facebook, it seems to be paying the piper. The world’s de facto social network has seen its share price plummet over the course of the week and will end Friday hovering around the $165 mark. By way of contrast, last Friday (March 16) saw Zuck clock-off with a ~$185 share price to his company’s (increasingly worthless) name.

Crikes.

Related: How to delete Facebook

Facebook share price

In total, this $20 drop in Facebook’s share price is thought to have wiped approximately $45bn off of the stock’s overall value – hardly pocket change.

Responding to the whirlwind of negative publicity surrounding Facebook, Bank of America Merrill Lynch reduced its Facebook share price target for the year from $265 to $230, according to CNBC.

Related: A guide to Facebook privacy settings

Just where will Fcebook’s share price go next? Is recovery on the cards or will the Cambridge Analytica scandal continue to shake it to its core? We’ll be back next week with more updates on the financial state of the near-ubiquitous social platform.

Share your predictions about Facebook’s share price with us @TrustedReviews.

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