NEW YORK - Facebook Inc Chief Executive Mark Zuckerberg plans to testify before US Congress, a source briefed on the matter said on Tuesday, as he bows to pressure from lawmakers insisting he explain how 50 million users' data ended up in the hands of a political consultancy.
Lawmakers in the United States and Europe are demanding to know more about the company's privacy practices after a whistleblower said consultancy Cambridge Analytica improperly accessed data to target US and British voters in close-run elections.
Facebook said the company had received invitations to testify before Congress and that they were talking to legislators.
Facebook shares closed down 4.9 per cent on Tuesday and have fallen almost 18 per cent since March 16, when Facebook first acknowledged that user data had been improperly channeled to Cambridge Analytica, which was hired by Donald Trump's 2016 presidential campaign.
The tech sector is down 5.2 per cent for March and on track for its worst month since April 2016. The data breach has raised investor concerns that any failure by big tech companies to protect privacy could deter advertisers and lead to tougher regulation.