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Facebook Sees Tesla-Sized Chunk Vanish From Market Cap in 2 Days

Facebook Inc.’s privacy crisis has turned into a shareholder crisis.

Facebook Sees Tesla-Sized Chunk Vanish From Market Cap in 2 Days
The DAX index curve sits on display on an electronic screen inside the Frankfurt Stock Exchange , operated by Deutsche Boerse AG, in Frankfurt, Germany (Photographer: Alex Kraus/Bloomberg)  

(Bloomberg) -- Facebook Inc.’s privacy crisis has turned into a shareholder crisis.

The social media giant has lost over $60 billion in market value over the past two days, following revelations that personal data of millions of users was obtained by a data analytics firm. That’s more than the market capitalization of Tesla Inc. at around $52 billion or three times that of Snapchat owner Snap Inc. at about $19 billion.

Facebook Sees Tesla-Sized Chunk Vanish From Market Cap in 2 Days

Facebook shares tumbled 6.8 percent on Monday, the most in almost four years, and the selloff resumed on Tuesday with news that the U.S. Federal Trade Commission is reportedly investigating the handling of user data, and a report that Chief Security Officer Alex Stamos plans to leave. Shares fell 4.7% to $164.51 at 2:23 p.m. in New York.

The two-day rout is the worst since July 2012, the year of Facebook’s initial public offering at $38 a share.

To contact the reporter on this story: Jeran Wittenstein in San Francisco at jwittenstei1@bloomberg.net.

To contact the editors responsible for this story: Arie Shapira at ashapira3@bloomberg.net, Steven Fromm, Sebastian Silva

©2018 Bloomberg L.P.