Facebook's share price has dropped more than five per cent at the US market open following allegations that data firm Cambridge Analytica mined Facebook users' data without their permission, helping Donald Trump win the US presidential election.
The social media giant's shares were down 5.36 per cent at $175.17 at the time of writing, slashing nearly $4bn (£2.8bn) off of founder Mark Zuckerberg's fortune.
Cambridge Analytica has worked on high-profile operations including Trump's 2016 election campaign.
On Friday, Facebook suspended Cambridge Analytica and the researchers involved after saying it had learned in 2015 that a Cambridge University psychology professor had violated its policies by passing data to Cambridge Analytica from a psychology testing app he had built.
A spokesperson for the prime minister today said Britain was "very concerned" by the allegations.
It is essential that people can have confidence that their personal data will be protected and used in an appropriate way,” Theresa May's spokesperson told reporters.
Read more: Cambridge Analytica: Should Mark Zuckerberg be grilled before parliament?
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