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Facebook stock has worst day of 2019 after executive exodus, investigations and downgrade

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Facebook shares had their worst day of the year on Monday, closing down 3.3 percent and extending last week's losses.

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.

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.

Original article
Author: Cnbc

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