Twitter (TWTR) Falls On Social Media Crisis, Israel Warning
Zacks Investment Research | Mar 20, 2018 10:41PM ET
Growing tension in the social media space resulted in shares of Twitter (NYSE:TWTR) dropping 10.38% to close at $31.35 on Mar 20.
The current debacle in the social media market is attributed to criticism of Facebook’s (NASDAQ:FB) data security issues. The social media giant has been charged of letting U.K.-based political consulting firm, Cambridge Analytica, appointed for Donald Trump’s presidential campaign, access data of 50 million users without their permission.
Since the 2016 U.S. Presidential elections, Twitter, along with Facebook and Alphabet (NASDAQ:GOOGL)'s Google have faced severe criticism for spreading fake news that allegedly influenced election results.
The recent incident has grabbed the attention of government regulators by bringing the security loopholes of the social media companies into spotlight again, leading to the stocks suffering a bloodbath over the last few days.
Not just Twitter and Facebook, Snapchat-parent Snap Inc. (NYSE:SNAP) also suffered the same fate. Both Facebook and Snap have lost 2.56% in yesterday’s trading session.
Amid the ongoing controversy, Twitter suffered another blow with the Israel government threatening legal action against the company. Per Bloomberg, the government claimed that Twitter ignored repeated requests to remove content that promoted or supported terrorism.
However, in the past year, shares of Twitter have gained 115.6%, substantially outperforming the Original post
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.