Facebook hit by reports of widened data sharing probe

By FacebookFOXBusiness

Facebook admits to sharing user data

NYU marketing professor and “The Four” author Scott Galloway on Facebook’s data sharing scandal.

Shares of Facebook declined on Tuesday as traders reacted to a report that more government agencies have decided to probe the data breech linked to the Cambridge Analytica data scandal.

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The Facebook-Cambridge Analytica data scandal involved the improper collection of personal data of tens of millions of Facebook users.

The Securities Exchange Commission, the Federal Bureau of Investigation and the Federal Trade Commission have joined the Justice Department in investigating the matter, according to the Washington Post.

Facebook confirmed  to the Post that it had received questions from the federal agencies, and said that it is cooperating the officials.

Shares of the social media giant peaked over $185 in March and experienced a dramatic fall to almost $152 after news of the improper data access broke in March.

Facebook shares were lower again Tuesday, but the stock was still up almost 10% year-to-date.