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UPDATE. Some interesting details have come to light. UK's Channel 4 has exclusive video showing Cambridge Analytica going over some explicit, illegal details in its dealings.LinkThey just followed that up minutes ago with news that authorities will be conducting a search of CA's premises with an official warrant! Facebook can't be excited about this..

BREAKING: Channel 4 just announced that authorities have gained a warrant to search CA building TONIGHT! @ZevShalev

— Tracie (@traciemac_Bmore) March 19, 2018

This weekend news broke of a massive data breach involving Facebook's user data. As we reportedon Saturdayconfidential information from tens of millions of Facebook users ended up in the hands of data analytics firm Cambridge Analytica, and that the information had not been deleted despite Facebook demands dating back to 2015.

The outcome? Facebook (NASDAQ:FB) is down over 6% as of this writing representing over a $30 billion loss of market cap for the social media giant. Facebook's drop today is the largest in the S&P 500 and easily outpaces today's overall 1% down market.

This latest development involving Facebook comes during a time of growing controversy around whether the site was being used by data firm Cambridge Analytica to collect information about users and change their voting habits. Cambridge Analytica was known to be employed by the Trump campaign organization to help market to undecided voters.