Facebook stock has worst day of 2019 after executive exodus, AG investigations and analyst downgrade
Facebook shares had their worst day of the year on Monday, falling nearly 4 percent and extending last week's losses.
div > div.group > p:first-child"> The drop came after the company lost its chief product officer, Chris Cox, last week. Analysts at Needham downgraded the stock on Monday over growing concern that more top executives could follow the leads of Cox and Chris Daniels, the head of WhatsApp, who also resigned.
Cox, one of the earliest Facebook employees and someone insiders called the"heart and soul of the company," left as CEO Mark Zuckerberg decided to shift the company's focus towards private messaging instead of open posts on the News Feed.Also last week, Facebook faced criticism for the spread of videos showing the shooting at a mosque in New Zealand.
There are also regulatory concerns, with some state attorneys general considering taking action against the privacy practices of big tech companies like Facebook and Google, the Washington Post first reported last week. "You can't allow this power to accumulate in the hands of the few people, at some point, there's going to have to be a reckoning for it," Mississippi Attorney General Jim Hood said on CNBC's"The Exchange" last Friday.
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