Facebook under pressure as US, EU urge probes of data practices

UK, 20 Mar 2018 [Fik/News Sources]: British privacy regulators are seeking a warrant to search the offices of the political consultancy Cambridge Analytica late on Monday, following reports that the company may have improperly gained access to data on 50 million Facebook users.

The move came as US and European lawmakers demanded an explanation of how the consulting firm, which worked on President Donald Trump's election campaign, gained access to the data. 

In the US, members of Congress called on Facebook CEO Mark Zuckerberg to testify about Facebook's actions.

Facebook said on Monday it had hired forensic auditors from the firm Stroz Friedberg to investigate and determine whether Cambridge Analytica still had the data.

"Auditors from Stroz Friedberg were on site at Cambridge Analytica's London office this evening," the company said in a statement. 

"At the request of the UK Information Commissioner’s Office, which has announced it is pursuing a warrant to conduct its own on-site investigation, the Stroz Friedberg auditors stood down."

Facebook shares closed down nearly seven percent on Monday, wiping around $40 billion off its market value as investors worried that new legislation could damage the company's advertising business.

Also on Monday, it emerged that Facebook head of security, Alex Stamos, planned to leave the company over disagreements about the company's policies on misinformation. 

He had been a strong advocate for an aggressive approach to alleged Russian activity on the platform aimed at manipulating elections.