Facebook (FB) shares were under pressure on Monday over concerns about how the company manages third-party access to users’ information.
Continue Reading Below
The social media company said on Friday it was suspending Strategic Communication Laboratories (SCL), including their political data analytics firm, Cambridge Analytica.
According to Facebook, SCL and Cambridge Analytica improperly kept users’ data, despite telling the Silicon Valley behemoth they had destroyed them.
Facebook drew some harsh criticism from U.S. and British lawmakers over the weekend for not providing more information about how the data firm came to access the information. Meanwhile, the attorney general in Massachusetts said in social media posts Saturday that her office would launch an investigation.
Facebook added more clarity to its decision on Saturday, noting that, “the claim that this is a data breach is completely false,” reiterating that it was an issue with how the company used the information that it had accessed through the proper channels.
The major tech companies were also under pressure from a Bloomberg report claiming that the European Union is set to put a 3% tax on revenue from the big digital companies. Twitter, Amazon and Google were all lower.
Advertisement
| Ticker | Security | Last | Change | %Chg |
|---|---|---|---|---|
| TWTR | TWITTER INC. | 35.58 | -0.22 | -0.61% |
| AMZN | AMAZON.COM INC. | 1,571.68 | -10.64 | -0.67% |
| GOOGL | ALPHABET INC. | 1,134.42 | -16.19 | -1.41% |
