in the history of facebook. reporter: and controversial. but to understand facebook of today, you have to go back to the beginning. there you go. there s your teaser. cnn business senior tech correspondent joining us now. this is your baby. i know you ve been working on this a long time. you ve had incredible, incredible access and insight into facebook s world. when you pulled back that curtain i mean, you were there during the height of the most recent scandal. what was that like? yeah, look, i remember walking in during the cambridge analytica scandal in march 2018. this was such a pivotal moment for the company. mark zuckerberg doesn t like doing on-camera interviews. i remember it was this moment that so many people wanted to hear from mark zuckerberg. for me, having covered tech for many years, it was this moment tech had almost become mainstream. everyone wanted to know. everyone was upset about facebook and this data scandal and everybody wanted to hear
Detailed text transcripts for TV channel - CNN - 20181219:20:26:45 archive.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from archive.org Daily Mail and Mail on Sunday newspapers.
day loss in value for a public company ever. $119 billion is more than the value of most companies in the s&p 500. including costco and american express and caterpillar and cvs. the cut took $16 billion off mark zuckerberg s fortune. he is now the sixth richest person instead of number four. facebook will put privacy first as a result of the data scandal. it will combat fake news and election meddling and conspiracy theories. it is working to improve the platform, but it will cost money. it removed four videos posted by info wars. it is notorious for spreading conspiracy theories. info wars did not respond to request for comment. 1 in 3 children taken from parents at the doppler radborde.
dave. significant development. alexandra field live for us in south korea. to wall street. investors are concerned about what happened yesterday. it was the worst day in history for facebook. shares plunged 19% after it announced it will spend billions on security. facebook lost $119 billion in stock market value. that is the biggest single day loss for a public company ever. to put that in perspective, how much value evaporated from the company is more than the value of most companies like costco and american express and c caterpillar. it took $16 billion off mark zuckerberg s value. facebook plans to put privacy first. a direct result of the data scandal. it will invest billions to combat election meddling and fake news and conspiracy theories, and hate speech.
as a crash. a crash in facebook shares. right now, facebook has lost more than $100 billion in market value. sales were lower than expected last quarter. it is the future that really spooked wall street. facebook s plans to put privacy first spending millions get that billions on security which will cut into profit for years. this is the direct issue from the data scandal. it combats the spread of fake news or election meddling. it is important. it is a responsibility for the company. it is little late and it will cost it money. investors worry that the facebook problems are not unique and the tech sector that sold off with google and amazon and microsoft. tech stocks have been on fire this year. nasdaq up 15% because tech companies have been immune to