Credit score giant Equifax announced on Thursday that 143 million accounts were hacked. Since then, the stock has taken a nosedive as investors anticipate more fallout.
The company saw shares fall 14% on Friday and then on Monday it fell another 8%, costing the company billions of dollars in market cap. Shares closed Monday at $113.12.
This is considered one of the most impactful cyber attacks in history because nearly half of Americans were breached and personally identifying information like Social Security numbers, credit scores, and sometimes bank account details were stolen.
Executives at Equifax also came under fire for selling shares after the company had been made aware of the hacks. Equifax said that these employees had not yet been notified when they sold their shares a few days later. This would be surprising because one of the executives in question is the company’s CFO.
We talked all about this on TechCrunch’s “Equity” podcast on Friday.