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Facebook just revealed that a huge hack affected 30 million people, and Wall Street doesn't seem to


Posted October 12, 2018 7:12 PM
Facebook just revealed that a huge hack affected 30 million people, and Wall Street doesn't seem to care (FB)

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  • Wall Street gave a collective yawn Friday following Facebook's disclosure that 30 million users were impacted in a hack first disclosed in late September.
  • Facebook stock was down by less than a percentage point on Friday following the news.
  • Overall, the company's value is down 7% — or $47 billion — since the hack was first disclosed, though most of that seems to have been as part of a larger market downturn.
  • Facebook is currently valued at about $440 billion.

Facebook stock by fell less than a percent on Friday, despite the company's confirmation of what appears to be the largest security breach in its history.

The company lost just 0.44% — or $0.68 per share — in value after it announced that 30 million users were affected by the massive hack, which it first disclosed two weeks ago.

Hackers accessed millions of victims' highly sensitive personal data, including locations, relationship information, recent searches, birthdates, and more.

The stock's stability is a sign that Wall Street doesn't expect the hack to have much of an impact on the company's value, or its perception by customers. 

In fact, investors didn't pay much mind on Sept. 28, when the company first disclosed that a hack occurred, without confirming details. The stock fell just 2.6% at that time. 

Facebook currently trades down more than 7% from its price on Sept. 28, the day the hack was disclosed, though most of that loss seems that it was due to a larger market sell-off. 

With a market cap of about $440 billion, however, every percentage point matters. The company has lost a total of $47.3 billion in market capitalization since the hack was first disclosed.

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Reference: http://uk.businessinsider.com/facebook-hack-stock-price-wall-street-2018-10

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