Cambridge Analytica CEO Sees Claims as Backlash to Trump Win

Revealed: Trump's election consultants filmed saying they use bribes and sex workers to entrap politicians

Revealed: Trump's election consultants filmed saying they use bribes and sex workers to entrap politicians

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Facebook Inc's shares fell more than 7% on Monday, wiping around $US40 billion ($NZ55 billion) off its market value, set for their biggest drop since September 2012, as investors anxious that new legislation could damage the company's lucrative advertising business.

Facebook Admits Data-Mining Firm Got Access To Millions Of Users' Personal Information Facebook is under intense pressure after it admitted that Cambridge Analytica, a political data-mining firm, got access to massive amount of user data.

Senior executives at Cambridge Analytica - the data company that credits itself with Donald Trump's presidential victory - have been secretly filmed saying they could entrap politicians in compromising situations with bribes and Ukrainian sex workers.

Daniel Ives, chief strategy officer and head of technology research for GBH Insights, said Facebook is in a crisis, and it will have to work hard to reassure users, investors and governments.

Cambridge is under increasing scrutiny after newspapers reported the firm obtained data on 50 million Facebook users without their knowledge to subject them to political messages.

Elsewhere, the British pound rose and European stocks slumped after Britain and the European Union said they are getting closer to a deal that will complete Britain's departure from the EU in March 2019.

Poland to host U-20 football World Cup in 2019
Speaking of the decision, Federation Internationale de Football Association president Infantino said: "We need to live with the times".

A sharp loss for Facebook is dragging technology companies lower Monday as US stock indexes skid. The Nasdaq composite gave up 137.74 points, or 1.8 per cent, to 7,344.24.

Larger technology companies including Apple and Microsoft fared worse than smaller ones. Britain is scheduled to officially leave the European Union on March 29, 2019.

Cambridge Analytica's global political managing director, Mark Turnbull, was also included in the meetings, and he talked about putting "information into the bloodstream of the internet" and said "it has to happen without anyone thinking, 'That's propaganda, ' because the moment you think [that] the next question is, 'Who's put that out?'"

On Friday, Facebook announced that it had suspended Cambridge Analytica's parent company, Strategic Communication Laboratory, after a former Cambridge Analytica employee revealed that the firm had taken user information from at least 50 million Facebook users to create their "psychographic" profiles - the vast majority of that information taken without permission from the users.

That report, in turn, came just days after CA was suspended from Facebook over a data incident in which it collected information on around 50 million U.S. voters without their knowledge or consent.

Facebook declined to provide officials for interview and didn't immediately respond to requests for information beyond its statements Friday and Monday. After two years of failing to disclose the harvesting, Facebook said Monday that it hired an outside firm to audit Cambridge. Its stock sank $12.53, or 6.8 per cent, to $172.56, its biggest one-day loss since March 2014. "People chose to share their data with third party apps and if those third party apps did not follow the data agreements with us/users it is a violation.no systems were infiltrated, no passwords or information were stolen or hacked".

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