Big shock for Facebook, now investors gang-up, sue social network
Facebook reportedly fell as much as 5.2 percent to $175.41 on Monday in New York, wiping out all of the year’s gains so far. It was the biggest intraday drop since January 12. The stock dropped another 2.6 percent on Tuesday to close at $168.15, after Bloomberg reported that the company is under investigation by the Federal Trade Commission, citing a person familiar with the matter.
Facebook is already under fire over the proliferation of “fake news” on its site and Russian actors leveraging the platform for propaganda. Image source: Reuters