Email scandal hits Facebook for £7.4billion
FACEBOOK saw its value plummet by £7.4billion following Tory MP Damian Collins’ release of secret documents showing it had tried to cripple rivals.
Shares in the firm opened around 2.5% down on the New York stock exchange yesterday.
The documents showed Facebook pursued competitors, hurt rivals and leveraged developers for advertising money.
The emails released by Mr Collins were part of a lawsuit against Facebook by developer Six4Three.
Mr Collins, chairman of the committee tasked with investigating disinformation and “fake news”, said: “We don’t feel we have had straight answers from Facebook.” Facebook’s share price recovered later.