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What Does The Facebook Controversy Mean For The Fund Industry?
FYI: It came to light at the start of the week that Cambridge Analytica, a political data firm, gained access to the private information of approximately 50 million Facebook users without their permission. Shares of Facebook, Inc. (FB) fell 10.7% over the next three trading days on this news, resulting in a loss of over $57 billion in market value. While the stock price did stabilize during the second half of the week, this massive data-privacy breach raised uncertainty around Facebook as talk of government regulation and shareholder lawsuits hit the wires by the end of the week.
