Facebook continued to fall in early trading on Wednesday, March 21, slipping 1.6%, but unlike the previous two sessions, fellow social media companies Twitter Inc (TWTR) - Get Twitter, Inc. Report and Snap Inc. (SNAP) - Get Snap, Inc. Class A Report weren't getting dragged down in tandem with the space's dominant player.
Twitter shares were up 3% at the market open on Wednesday, gaining back some of the 10.38% that was shaved from its market price on Tuesday, March 20. Snap shares were rising 1.09% in early trading Wednesday after falling 2.6% in the previous session.
Facebook has disputed claims that its data was breached, but the company still suspended firms Cambridge Analytica and SCL Group from its platform.
About 270,000 people downloaded an app which offered a personality prediction and which billed itself as a "research app used by psychologists." That app then passed the information it got through legitimate channels on to Cambridge and SCL Group, leading to the violation that resulted in the suspension.
Action Alerts Plus holding Facebook has since removed the app from its platform, but it may take some time to recover from the damage done to its reputation this week.