Facebook Shares Plunge After D.C Sues Over Cambridge Analytica Scandal

It seems the Facebook buyback program is going to have work a little harder.

Zuck's net worth is tumbling again - after a opening buying spree - on reports that Facebook is being sued by the District of Columbia over a privacy breach in which personal information was transferred by an app developer to Cambridge Analytica, a political consulting firm that worked for President Donald Trump’s 2016 campaign.

The suit was filed Wednesday in Superior Court in the District of Columbia by the district’s attorney general, Karl Racine:

“Facebook failed to protect the privacy of its users and deceived them about who had access to their data and how it was used,” Racine said in a Dec. 19 statement.

“Facebook put users at risk of manipulation by allowing companies like Cambridge Analytica and other third-party applications to collect personal data without users’ permission,” he said.

The lawsuit marks the first time that regulators in the United States have sought to penalize Facebook for how it was used during the 2016 US presidential election.