Facebook (now Meta Platforms)
Reporting and Facebook's response exposed large-scale misuse of platform-derived user data by Cambridge Analytica and related parties.
-8.9% FB vs -1.5% SPY
This site shows how share prices moved after an incident became public. It does not prove that the incident caused the move. Company news, sector moves and the wider market can affect every result. Educational only — not investment advice.
Disclosure timing
When could the market react?
The baseline is the last adjusted close before the news was public. The reaction session is the first close afterward.
- 01Baseline sessionMar 16, 2018
Normalized to 100 for both FB and SPY.
- 02Public disclosureMar 17, 2018 · time unknown
Publication time is not documented; lower timing precision.
- 03First reaction closeMar 19, 2018
-6.8% company total return versus -1.4% for SPY; -5.4 pp market-relative return.
Disclosure time is unknown; the previous session close is used as baseline.
Time windows
Company vs SPY
Each row uses the last trading session on or before its target date. “Market-relative” is the company return minus the SPY return, in percentage points.
| Window | Endpoint | FB | SPY | Market-relative | Signal |
|---|---|---|---|---|---|
| First reaction | Mar 19, 2018 | -6.8% | -1.4% | -5.4 pp | Below SPY |
| +7 days | Mar 23, 2018 | -13.9% | -5.9% | -8.0 pp | Below SPY |
| +1 month | Apr 17, 2018 | -8.9% | -1.5% | -7.4 pp | Below SPY |
| +3 months | Jun 15, 2018 | +5.8% | +1.5% | +4.3 pp | Above SPY |
| +6 months | Sep 17, 2018 | -13.2% | +6.0% | -19.2 pp | Below SPY |
| +12 months | Mar 15, 2019 | -10.3% | +4.6% | -14.9 pp | Below SPY |
Compare with current catalog aggregates
| Window | This case | Catalog median | Catalog mean | n |
|---|---|---|---|---|
| First reaction | -5.4 pp | -0.8 pp | -1.5 pp | 30 |
| +7 days | -8.0 pp | -2.0 pp | -4.0 pp | 30 |
| +1 month | -7.4 pp | -6.6 pp | -6.8 pp | 30 |
| +3 months | +4.3 pp | -5.1 pp | -6.6 pp | 30 |
| +6 months | -19.2 pp | -5.6 pp | -7.5 pp | 30 |
| +12 months | -14.9 pp | -3.7 pp | -10.1 pp | 30 |
Normalized total return
FB compared with SPY
Baseline session = 100. Adjusted close reflects splits and reinvested distributions.
Facebook (now Meta Platforms) had -10.3% company total return versus +4.6% for SPY; -14.9 pp market-relative return. The chart shows normalized adjusted-close performance for up to 24 months.
View tabular chart fallback
| Date | FB | SPY |
|---|---|---|
| Mar 16, 2018 | 100.0 | 100.0 |
| Apr 17, 2018 | 91.1 | 98.5 |
| May 16, 2018 | 99.0 | 99.3 |
| Jun 15, 2018 | 105.8 | 101.5 |
| Jul 17, 2018 | 113.5 | 102.7 |
| Aug 15, 2018 | 97.0 | 103.2 |
| Sep 14, 2018 | 87.7 | 106.6 |
| Oct 15, 2018 | 82.9 | 101.0 |
| Nov 13, 2018 | 76.8 | 100.1 |
| Dec 14, 2018 | 77.8 | 95.9 |
| Jan 16, 2019 | 79.7 | 96.6 |
| Feb 15, 2019 | 87.8 | 102.7 |
| Mar 19, 2019 | 87.3 | 105.0 |
| Apr 17, 2019 | 96.6 | 107.6 |
| May 17, 2019 | 100.1 | 106.3 |
| Jun 18, 2019 | 101.8 | 108.7 |
| Jul 18, 2019 | 108.5 | 111.6 |
| Aug 16, 2019 | 99.2 | 107.9 |
| Sep 17, 2019 | 101.6 | 112.4 |
| Oct 16, 2019 | 102.4 | 112.0 |
| Nov 14, 2019 | 104.4 | 116.2 |
| Dec 16, 2019 | 106.9 | 119.9 |
| Jan 16, 2020 | 119.8 | 124.8 |
| Feb 18, 2020 | 117.7 | 127.0 |
| Mar 17, 2020 | 80.7 | 95.3 |
Price recovery
Recovered
Here, recovery only means that adjusted close reached the baseline again. It does not mean every effect of the incident ended.
- State
- Recovered
- Initial trough
- -13.9% on Mar 23, 2018
- Recovery close
- May 10, 2018
- Calendar days
- 54
- Observation cap
- 24 months after disclosure
Hypothetical $1,000
What would $1,000 have looked like?
Compare $1,000 in FB with $1,000 in SPY, bought and measured on the same dates.
Entry Mar 20, 2018 Exit Sep 20, 2018
Uses fractional shares and adjusted close. Leaves out taxes, fees and slippage. The holding period starts on the purchase date. This is a historical illustration, not an investment strategy.
Case note
Facebook suspended Cambridge Analytica and related parties after determining that app-derived data had been passed on in violation of platform rules. Parallel reporting documented the political-data operation and brought the issue to broad public attention.
The Saturday publication date means the Friday close is the baseline and Monday is the first reaction session. META supplies Yahoo’s continuous adjusted-price history for the former FB ticker.
Evidence
Sources and case review
We qualify each case before checking its price results. These links support the disclosure date, listing, incident and business impact.
- primary Mar 16, 2018Suspending Cambridge Analytica and SCL Group from Facebook Facebook Supports: Disclosure, Impact, Description
- secondary Mar 17, 2018The Cambridge Analytica Files The Guardian Supports: Disclosure, Impact, Description
- secondary Mar 17, 2018How Trump consultants exploited the Facebook data of millions The New York Times Supports: Disclosure, Impact
- Listing evidenceChecked Jul 20, 2026Meta SEC issuer record U.S. Securities and Exchange Commission SEC history confirms Facebook's Nasdaq listing under FB at disclosure and the later ticker change to META.
Why it is included. Facebook was the platform responsible for governing the data access at issue; the case involved tens of millions of users, systemic public scrutiny and major regulatory action. Reviewed Jul 20, 2026.