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OIL FUND: Down NOK 2.9B

Facebook net giants adsFacebook. Photo: pixabay.com

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The Norwegian Oil Fund, which owns .71% of Facebook, has been hit hard by a Facebook scandal and has lost NOK 2.9B value within 72 hours.

 

 

This past weekend it was revealed that Facebook shared user data from 50 million people with the British analysis company Cambridge Analytica.

The company apparently used the data to help Donald Trump become elected president of the United States.

The scandal has led Facebook to losing 10% value within the stock market over the past few days. The scandal has affected the Government Pension Fund Global, better known as the Oil Fund, which owns 0.71% Facebook stock.

The oil fund’s Facebook shareholding value fell from a high of NOK 29.4B to its current value of NOK 26.5B.

Thoma Sevang, the pension fund’s communications chief, reserved comment, saying to Nettavisen; ‘We’re a long-term shareholder, but we don’t comment on single investments.’

Facebook is an American online social media and social networking service company based in Menlo Park, California, USA, and was launched February 4th, 2004 by Mark Zuckerberg.

© NTB Scanpix / #Norway Today

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