Facebook shares continue to plummet

By Ovunc Kutlu

NEW YORK (AA) - Facebook shares continued to plummet on Tuesday, falling as much as 6 percent, after reports the Federal Trade Commission (FTC) has begun an investigation against the company.

The social media giant was rattled Saturday after it was disclosed London-based private data analysis firm Cambridge Analytica acquired private information of approximately 50 million Facebook users without their permission and used the data in U.S. elections in 2014 and 2016, as well as during Brexit.

The FTC launched its investigation to determine whether Facebook violated terms of a consent decree in 2011 about handling the data of its users, and could fine the company in millions of dollars, according to reports.

Facebook stock price has taken a beating since the reports were first published -- falling to as low as $161.98 per share around 11.50 a.m. (1550GMT).

Coupled with a 6.8 percent loss Monday, the stock has lost as much as 12.5 percent before the second trading day for the week is finished.

Facebook’s current market capitalization stood at $471 billion shortly before noon Tuesday (1400GMT), down from $537 billion Friday -- a loss of $66 billion.

Facebook co-founder and CEO Mark Zuckerberg also saw his personal net worth decline around $9 billion during that period, from $74.5 billion to $65.5 billion, according to Forbes magazine.

Facebook hired an independent auditing firm to investigate Cambridge Analytica's office in London but was told to stand down by the U.K. Information Commissioner’s Office who is seeking a warrant to conduct its own investigation.