Snap sinks as Facebook fallout ripples throughout tech (SNAP)

pulse

March 19, 2018 5:46 PM

Snap shares are down 4%. Investors are concerned about regulatory impacts on internet companies," Macquarie analyst Ben Schachter told Business Insider.

Snap shares are down about 4% Monday as Facebook woes weigh on tech stocks.
Over the weekend, news broke over that Cambridge Analytica, a political research company, had
"Investors are concerned about regulatory impacts on internet companies," Macquarie analyst Ben Schachter told Business Insider.

Snap shares are under pressure Monday as the fallout from Facebook's woes sends ripples throughout the tech sector.

Over the weekend, news broke over that Cambridge Analytica, a political research company, had accessed 50 million Facebook user profiles illegitimately. The information was allegedly used for highly targeted political ads on Facebook, and may have impacted both the 2016 presidential election and Brexit vote.

While Snap has struggled with its own questionable content in recent days, it was not related to politics. Last week, the company was forced to pull an ad from its Snapchat app which asked users whether they'd rather "slap Rihanna or punch Chris Brown." That was in reference toassaulted Rihanna in 2009.

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