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Facebook's stock drops after Zuckerberg apologizes

Mark Zuckerberg's apology didn't stop the bleeding on Wall Street.Facebook dipped 1% Thursday after Zuckerberg...

Posted: Mar 22, 2018 3:48 PM
Updated: Mar 22, 2018 3:48 PM

Mark Zuckerberg's apology didn't stop the bleeding on Wall Street.

Facebook dipped 1% Thursday after Zuckerberg made his first public comments since the Cambridge Analytica scandal. The New York Times and The Observer first reported Saturday that the data firm with ties to President Donald Trump's 2016 campaign accessed information from 50 million Facebook users without their consent.

Facing intense pressure from lawmakers, shareholders and the site's users, Zuckerberg, Facebook's founder and CEO, apologized for the scandal and said he would be "happy" to testify before Congress.

"This was a major breach of trust, and I'm really sorry that this happened," Zuckerberg told CNN's Laurie Segall in an interview Wednesday. "We have a basic responsibility to protect people's data, and if we can't do that then we don't deserve to have the opportunity to serve people," Zuckerberg said.

Related: Mark Zuckerberg has regrets: 'I'm really sorry that this happened'

"Our responsibility now is to make sure that this doesn't happen again."

Facebook has lost nearly $50 billion in value since the report broke over the weekend. The company now has a $488 billion market cap.

But many Wall Street analysts think the crisis will blow over.

Macquarie Capital analyst Benjamin Schachter wrote in a note to clients Wednesday that Zuckerberg's apology was a positive step in restoring investor confidence.

"We do think that usage will be impacted, but it is entirely unclear if it will be meaningful," Schachter said. Facebook's "fundamental business model appears to be well intact."

-CNN's Matt Egan contributed to this story.

Indiana Coronavirus Cases

Data is updated nightly.

Cases: 608519

Reported Deaths: 9693
CountyCasesDeaths
Marion840461335
Lake45349684
Allen32803548
Hamilton29394315
St. Joseph27380381
Elkhart24404345
Vanderburgh19411249
Tippecanoe17970138
Johnson15069295
Porter14783169
Hendricks14401248
Madison10965221
Vigo10726181
Clark10677144
Monroe9383110
Delaware9116134
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Warrick672999
Hancock6697104
Bartholomew6484100
Floyd6428110
Wayne6136162
Grant5991115
Dubois555579
Boone551168
Morgan541295
Henry507864
Marshall503984
Cass483263
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Noble473059
Jackson425047
Shelby417581
Lawrence391079
Clinton373043
Gibson370359
Harrison348144
DeKalb347164
Montgomery345754
Knox335639
Miami321444
Steuben313745
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Ohio Coronavirus Cases

Data is updated nightly.

Cases: 859841

Reported Deaths: 10680
CountyCasesDeaths
Franklin101171707
Cuyahoga855711125
Hamilton64017448
Montgomery43107418
Summit34836761
Lucas31350625
Butler30973232
Stark25786435
Warren19671140
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Lake16080154
Clermont15926111
Delaware1438878
Licking13204137
Trumbull12809316
Fairfield1279381
Greene12055137
Medina11591168
Clark10942265
Wood10348158
Allen9897126
Portage9296109
Miami916873
Richland9139118
Marion7459113
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Columbiana7327124
Pickaway726150
Wayne7034171
Muskingum703141
Erie6152129
Hancock552390
Ross548998
Scioto539164
Geauga508455
Darke470292
Ashtabula453073
Lawrence452654
Union451828
Sandusky436662
Mercer433589
Seneca430166
Huron428741
Auglaize422264
Shelby421222
Jefferson419269
Belmont416840
Washington388740
Athens38009
Putnam374975
Madison355129
Knox352622
Ashland344938
Fulton338443
Defiance330086
Crawford322374
Preble320637
Brown312921
Logan307332
Ottawa293943
Clinton290143
Williams278667
Highland275118
Jackson263845
Guernsey254125
Champaign252028
Fayette236530
Morrow23234
Perry231318
Holmes225474
Henry218749
Hardin213033
Coshocton205622
Van Wert202245
Gallia196726
Wyandot196051
Pike176217
Adams176115
Hocking172024
Carroll155616
Paulding144321
Noble120540
Meigs108624
Monroe100732
Harrison89121
Morgan83130
Vinton70213
Unassigned00
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