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Facebook suffers drop of stocks amid alleged data leak crisis
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IANS | 20 Mar, 2018
The world's largest social media company Facebook suffered the biggest
one-day drop of its stocks by seven per cent on Wall Street on Monday in
four years following reported data leakage of its 50 million users for
alleged political purposes.
The Facebook loss came after US and
British media reported that the data of more than 50 million Facebook
users were inappropriately used by a British data analysis company,
Cambridge Analytica, in activities allegedly connected with US President
Donald Trump during his 2016 campaign.
Trump's campaign
reportedly used the firm's data during the primaries but not during the
general election and Federal Election Commission numbers showed the firm
collected $5.9 million in 2016 from Trump's campaign, Xinhua cited
California-based The Mercury News daily as saying.
Cambridge
Analytica received user data from a Facebook app years ago that
purported to be a psychological research tool, though the firm was not
authorised to have that information.
Facebook admitted that an estimated 270,000 people had downloaded the app and shared their personal details with it.
Last
Friday, Facebook said in an official post that it had suspended
"Strategic Communication Laboratories (SCL), including their political
data analytics firm, Cambridge Analytica," from its website.
It said the two companies had failed to delete user data acquired in 2015 in violation of Facebook rules.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
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78.25
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75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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