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IN HOT WATER

Facebook Officially Under Federal Investigation

Social network’s stock dropped more than 4 percent after FTC confirmed probe.

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REUTERS/Dado Ruvic / Reuters

The Federal Trade Commission confirmed Monday that it has opened a “non-public investigation” into Facebook and its “privacy practices,” according to a statement. Subsequently, Facebook shares took a hit and dropped more than 4 percent since the market opened. This comes as reports surfaced that the social network “scraped call and text-message data for years from Android phones,” and as it has come under increased scrutiny for its connection with Cambridge Analytica—which reportedly misused the personal data of over 50 million Facebook users.

Read it at Axios

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