Facebook’s shares lose 6% in wake of whistleblower revelations

Facebook Inc. services experienced widespread outages Monday morning, adding to the social network’s worst and most miserable day.
Facebook FB shares dropped as much as 6% to an intraday low of USD 323, which would be their worst single day decline since a 6.3% fall logged on 30 October 2020.
The stock outpaced a 1.5% loss on the S&P 500 index SPX and a 2.3% loss on the tech-heavy Nasdaq Composite Index.
Two members of the European parliament have called for an investigation into allegations by a whistleblower that Facebook prioritised profits above the public good.
The whistleblower, Frances Haugen, who had worked as a product manager on the civic Facebook’s misinformation team, shared internal documents with newspapers and attorneys general from several U.S. states. A statement from European Parliament lawmakers said they were requesting further investigations into the revelations.
It is trending this year that it is highly important not to let the large tech companies regulate themselves, according to said Danish lawmaker Christel Schaldemose.