[Ed. – There is no joy in Zuckermanville.]
Facebook is taking steps to address criticism that its platform has been hijacked by bad actors, but investors are bailing.
Facebook stock opened at $150.13 on Thursday, down more than 30% from the high it hit in July, as the company continues to grapple with privacy scandals, fake news and a broader market selloff hitting the tech industry particularly hard.
In fact, Facebook stock is hovering around its lowest point from the days after the Cambridge Analytica data scandal came to light in March and ignited a wave of consumer and regulatory scrutiny on both sides of the Atlantic.
Despite hours of testimony, a blitz of executive interviews and numerous tweaks to its privacy settings, Facebook has yet to put the Cambridge Analytica issue behind it. And now, Facebook faces the prospect of additional regulatory scrutiny after disclosing a new security breach affecting nearly 50 million users.
The longer the privacy backlash continues, not to mention ongoing concerns about election meddling, the more potential for damage to Facebook’s core business.