Facebook Inc. has shed about $34 billion in market value since Friday as shares of the social-media giant skid 6% lower. Facebook’s stock was recently down 6.4% on Monday, putting the Menlo Park, Calif.-based technology giant on track for its worst daily drop since March 29, 2014, with that downturn equating to a $34.24 billion loss in market value, from its value of $537.67 billion at Friday’s close, according to FactSet data. The social network has come under firepegged to how it has managed users’ information, after the company announced that a firm with ties to the 2016 Trump campaign improperly kept data for years despite saying it had destroyed those records. Facebook’s decline was weighing on the broader market by virtue of its size and the company’s influence on sentiment. The Dow Jones Industrial Average was recently off 250 points, or 1%, at 24,696, while the S&P 500 index was down 1.1%, with technology shares suffering the worst daily decline among the broad-market benchmark’s 11 sectors. Meanwhile, tech-laden The Nasdaq Composite Index was off 1.7% at 7,352.
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