Famed investor Bill Miller is still a believer in Facebook.
"This too will pass," he said in an email to CNBC's Scott Wapner. The stock's valuation is "too cheap."
The investor did not comment on whether he is buying more shares in the social media giant. He confirmed his firm still owns Facebook shares.
Facebook's stock has declined 9 percent this week through Tuesday after the weekend media reports on the company's data scandal. Nearly $50 billion of market value has been wiped off its shares since Friday. Shares of Facebook rose 2.5 percent Wednesday.
The company announced in a blog post Friday night that it had suspended political analytics research firm Cambridge Analytica from its platform, suggesting the data firm had not been honest about deleting user data sent to it by the makers of a popular psychology test app. The New York Times reported over the weekend that Cambridge Analytica was able to acquire 50 million people's Facebook profile information without their consent.
Miller founded Miller Value Partners in 2016 after a 35-year career at Legg Mason, where he managed a fund that beat the S&P 500 for 15 straight years through 2005. He's known for concentrated bets. Miller's firm managed $2.3 billion at year-end 2017, including separate accounts for high net worth individuals and mutual funds.