Facebook saw its shares plummet and market capitalization take a major hit in the last two trading days, from Monday through Tuesday, amid one of the biggest data leaks in the company's history.
After closing at $185.09 per share on Friday, Facebook shares ended Tuesday at $168.15 a share, posting a 9.1 percent decline.
This brought down the company's market capitalization from $537.7 billion to $488.5 billion during that period, marking a $49.2 billion loss in value.
Co-founder and CEO Mark Zuckerberg, 33, also saw his net worth decrease from $74.5 billion on Friday to $67.7 billion on Tuesday, taking a hit of $6.8 billion in just two trading days.
As of Tuesday, the world's youngest billionaire ranked seventh, down two spots, in the real-time ranking of The Forbes World's Billionaires List.
The social media giant has been taking a beating since reports were first suggested on Saturday that London-based private data analysis firm Cambridge Analytica acquired private information of approximately 50 million Facebook users without their permission and used that data in U.S. elections in 2014 and 2016, as well as during Brexit.
It was reported early Tuesday that the U.S.' Federal Trade Commission (FTC) has begun its own investigation against the company to determine whether Facebook violated terms of a consent decree in 2011 over handling users' data.
The company could face millions of dollars in fines if the FTC investigation finds any violation, which could lead to further loss in company shares and market value.
Facebook hired an independent auditing firm late Monday to investigate Cambridge Analytica's office in London, but auditors were told to stand down early Tuesday by the U.K. Information Commissioner’s Office, which is seeking a warrant to conduct its own investigation.
By Ovunc Kutlu in New York
Anadolu Agency
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