Facebook slides on report of SEC, FBI, FTC probes

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Facebook stock slipped roughly 1.5 percent after-hours on Monday after The Washington Post reported that federal investigators are broadening their inquiries into the company’s data sharing practices.

The FBI, SEC, and FTC have all joined the Justice Department in its investigation of Facebook following revelations of its data sharing with consulting company Cambridge Analytica, people familiar with the situation told The Post.

Earlier this year, the Justice Department began investigating Facebook’s data sharing practices after several press reports revealed that Cambridge Analytica harvested Facebook profile information from tens of million users without their express consent. The broadening of the investigation to include the FBI, SEC, and FTC will emphasize whether Facebook made sufficient disclosures to its users and its investors.

“We are cooperating with officials in the US, UK and beyond,” a Facebook spokesperson said in a statement. “We’ve provided public testimony, answered questions, and pledged to continue our assistance as their work continues.”

You can read the rest of The Washington Post story here.

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