According to CNBC, Facebook shares fell over 3 percent in pre-market trade Monday after reports that Cambridge Analytica mined the data of over 50 million users of the social network without their permission.

Cambridge Analytica worked on Facebook ads for President Donald Trump during the 2016 election. It was initially funded by conservative billionaire Robert Mercer and led by former Trump advisor Steve Bannon.

Whistleblower Christopher Wylie revealed the alleged role played by Cambridge Analytica in obtaining data from Facebook users to The Observer newspaper in the U.K. and The New York Times.

 

Facebook said it has suspended Cambridge Analytica from its platform.

 

Cambridge Analytica has denied violating Facebook’s terms of service.

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