As Facebook has been grappling with the controversy surrounding protecting user data, shares of the company has fallen around 8 percent, which translates to CEO Mark Zuckerberg’s net losing $5 billion.
Like most of the world’s richest people, Mark Zuckerberg’s net worth is determined largely by the rise and fall of the stock market. In particular, Zuckerberg’s wealth is based on the performance of Facebook shares.
Early on Monday, the company’s stock was down as much as 8%, as U.K. and U.S. politicians criticized Facebook and Zuckerberg for alleged data breaches that shared millions of users’ personal information. The data was reportedly used for political purposes during the 2016 U.S. presidential election season, which culminated in Donald Trump’s arrival in the White House.
In the time since then, Facebook has suspended data contractor Cambridge Analytica from its platform for improperly collecting user data. Cambridge Analytica, however, has not been the only contractor to use user data for political campaigns.
A former Obama campaign official claimed in a tweet thread on Sunday that Facebook allowed them to mine massive amounts of Facebook data because “they were on our side.”Paul Marotta/Getty Images
“Where this gets complicated is, that freaked Facebook out, right? So they shut off the feature,” Carol Davidsen said during a speech in 2015. “Well, the Republicans never built an app to do that. So the data is out there, you can’t take it back, right? So Democrats have this information.”