- With regulatory pressure on Facebook (NASDAQ:FB) seemingly ramping up by the minute, peer companies' stocks are feeling the heat as well.
- Shares in the social-networking giant are now off 5.8%, trimming more billions from its market cap. Despite broader market gains, Twitter (NYSE:TWTR) is 9.7% lower today; Alphabet is lower as well (GOOG -1.3%, GOOGL -1.5%); and Snap (NYSE:SNAP) is down 4.3%.
- Facebook now faces the prospect of an FTC inquiry, and has gotten a request to appear before Parliament in the UK.
- Facebook's deputy chief privacy officer says "We appreciate the opportunity to answer questions the FTC may have."
- The company's officials have tentatively agreed to brief House Judiciary members as soon as tomorrow on the Cambridge Analytica situation, Bloomberg reporters are saying. Senate Judiciary Chairman Charles Grassley is considering his own hearing to bring in CEOs from Facebook, Twitter and Google.
- Speculation is growing that all the peer companies could be hauled before multiple government committees to answer for data practices.
- Now read: Understanding The Facebook And Cambridge Analytica Story
Original article