Facebook value drops by $37bn amid privacy backlash
Facebook's shares have fallen sharply, wiping $37bn off the firm's value, as it faces questions from US and UK politicians about its privacy rules.
The social network is under fire after reports on how Cambridge Analytica, which some believe helped Donald Trump win the US election, acquired and used Facebook's customer information.
Theresa May's spokesman called the allegations "very concerning".
The UK data protection body is seeking a warrant to search the firm's offices.
Information Commissioner Elizabeth Denham says it will be used to look at the databases and servers used by British data analytics firm Cambridge Analytica.
Facebook shares ended trading 6.7% lower at $172.56, wiping almost $37bn off the social network's market value.
The company is accused of failing to...