Investing.com - Facebook (NASDAQ:FB) shares stayed under pressure, as a firestorm continued over third parties access to users’ personal data.
The stock has lost around 9% so far this week, wiping around $60 billion off its market value, after investors learned data-mining firm Cambridge Analytica had collected and used without permission data from the accounts of millions of users.
Facebook Chief Executive Mark Zuckerberg apologized Wednesday night for the Cambridge Analytica data controversy during an interview with CNN, and said he’d be willing to testify before Congress.
He added that his company made mistakes in how it handled data belonging to 50 million of its users and promised tougher steps to restrict developers' access to such information.
Many analysts have now raised concerns that the incident will have a negative impact on user engagement with Facebook, potentially eating into its clout with advertisers.
That has prompted a series of rare downgrades and cuts in price targets for Facebook shares, adding to signs that Wall Street analysts are waking up to the risks to the company.
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