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| Facebook shares slip as scrutiny continues | Facebook shares slip as scrutiny continues |
| (about 1 hour later) | |
| Facebook shares continued to slide on Tuesday, amid ongoing furore concerning the use of data collected by the social network. | Facebook shares continued to slide on Tuesday, amid ongoing furore concerning the use of data collected by the social network. |
| The firm's stock fell more than 5% in mid-day trading in New York, following a steep decline a day earlier. | The firm's stock fell more than 5% in mid-day trading in New York, following a steep decline a day earlier. |
| The concerns infected fellow social media company Twitter, which was down more than 9%. | The concerns infected fellow social media company Twitter, which was down more than 9%. |
| Investors are reacting to calls for tighter regulation of tech firms from politicians in the US, UK and Europe. | Investors are reacting to calls for tighter regulation of tech firms from politicians in the US, UK and Europe. |
| Facebook is under fire after reports detailing how Cambridge Analytica, which worked with US President Donald Trump on the campaign, acquired and used Facebook's customer information. | Facebook is under fire after reports detailing how Cambridge Analytica, which worked with US President Donald Trump on the campaign, acquired and used Facebook's customer information. |
| The company is accused of failing to properly inform users that their profile information may have been obtained and kept by Cambridge Analytica, a political consulting firm. | The company is accused of failing to properly inform users that their profile information may have been obtained and kept by Cambridge Analytica, a political consulting firm. |
| On Friday, Facebook suspended the consulting firm, saying it had acquired data from a researcher who violated the firm's policies. | On Friday, Facebook suspended the consulting firm, saying it had acquired data from a researcher who violated the firm's policies. |
| Cambridge Analytica "strongly denies" the allegations levelled against it. | Cambridge Analytica "strongly denies" the allegations levelled against it. |
| Amid the backlash, calls for users to delete Facebook have gained attention. | Amid the backlash, calls for users to delete Facebook have gained attention. |
| On Tuesday, US media reported that the Federal Trade Commission, a US regulator, is looking into Facebook's use of personal data. | On Tuesday, US media reported that the Federal Trade Commission, a US regulator, is looking into Facebook's use of personal data. |
| Facebook in 2011 reached a settlement with the commission over charges that it deceived consumers about what data was shared and made public. The agreement involved monitoring the issue for 20 years, and raises the potential for significant fines in the event of violations. | |
| Months of pressure | Months of pressure |
| The scrutiny of Facebook comes after several months of mounting pressure, following allegations that Russia used the social networks to influence the 2016 presidential election. | The scrutiny of Facebook comes after several months of mounting pressure, following allegations that Russia used the social networks to influence the 2016 presidential election. |
| The firm earlier announced changes to its news feed after the criticism and warned investors that the tweaks might hurt profits in the short-run. | The firm earlier announced changes to its news feed after the criticism and warned investors that the tweaks might hurt profits in the short-run. |
| But Mr Zuckerberg told financial analysts last month that the change was important to the firm's long-term prospects, noting the ongoing debate about the utility of social media sites. | But Mr Zuckerberg told financial analysts last month that the change was important to the firm's long-term prospects, noting the ongoing debate about the utility of social media sites. |
| Tuesday's decline came after Facebook shares fell almost 7% on Monday. The firm's share price is now trading around $164, similar to September levels. | Tuesday's decline came after Facebook shares fell almost 7% on Monday. The firm's share price is now trading around $164, similar to September levels. |