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Facebook in the Crosshairs: Massive Data Breach, Corruption, Fake News

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Facebook was under huge pressure today as European regulators dove into security concerns. The selloff is long overdue.

Massive Data Breach

Tech shares collapsed today with Facebook leading the way on news of a major security concerns at Facebook.

The social media company's share price fell by 6.8 percent, as its chief executive Mark Zuckerberg faces calls from US and European politicians to explain an enormous data breach.

Key Points

An analytics firm reportedly used data on millions of Facebook users to support the Trump campaign

The European Parliament said politicians would investigate whether data misuse had taken place

Two US Senators called on Facebook boss Mark Zuckerberg to testify before Congress

Britain's information commissioner says she will apply for a warrant to access the servers of political analysis firm Cambridge Analytica, which allegedly used data mined from Facebook to help Donald Trump win the 2016 presidential election.

The announcement came soon after British television broadcaster Channel 4 released convert footage of senior executives at Cambridge Analytica saying they could set honey traps for politicians.

"Send some girls around to the candidate's house. We have lots of history of things … we could bring some Ukrainians in … they are very beautiful, I find that works very well."

Republican Senator John Kennedy joined his Democratic colleague Amy Klobuchar in calling on Facebook chief executive Mark Zuckerberg to testify before Congress about data use.

Fake News to the Next Level

Former Cambridge Analytica employee Chris Wylie, who blew the whistle on the firm, said it secured personal data in order to learn about individuals and then used it to create an information cocoon to change their perceptions.

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