Facebook down 7% over without consent data collection on 50 million people!

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Stock markets tumbled today and Facebook led the way, losing 7.1% of its value as people reacted to the news that political analytics firm Cambridge Analytica, collected data on 50 million of the social media giant's profiles with those people's consent.

Some analysts were telling investors to sell the stock as fear of tighter regilation looms large.

According to CNBC, "We think this episode is another indication of systemic problems at Facebook … We see enhanced risks for the company, but no near-term tangible impact on its business," Brian Wieser, an analyst at Pivotal Research, said in a note today. It was "made clear in the reporting is that Facebook did not make sufficient efforts to recover users' data, which then informed ad targeting in the 2016 US election. It also did not disclose the leak to users or investors."

Read more at CNBC

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