Social media stocks are likely to see further sell-off with more data privacy issues likely to come to light, one investment manager told CNBC on Thursday.
Patrick Armstrong, chief investment officer at Plurimi Investment Managers, said the recent fall in technology stocks may not be enough to convince investors to buy back into the sector.
"We think there's another leg in the sell-off to come in the social media companies. There's enough issues facing them right now that I don't think people are going to pile in and buy the dip," Armstrong told CNBC's "Squawk Box Europe" on Thursday.
The investment manager said that Facebook is unlikely to be the only company to run into issues around data privacy.
"Facebook right now is the epicenter of the data (scandal)," he said. "I don't think that they are the only company that has done this. I don't see how Alphabet can be as big as it is and not have its own issues that are going to come out.
"And probably all the social media companies are going to have issues like this. So we haven't seen that happen yet, I'll be shocked if we don't get a follow on on that.
"I think it's not going to change any of their business models. I don't think it's going to have any long-term disruption, but I think that will create a better entry point for share prices."
Facebook is still facing the fall-out from the Cambridge Analytica data scandal in which 87 million user profiles were harvested for data that was passed on to the political consultancy. Facebook CEO Mark Zuckerberg faced his second day of questioning from lawmakers on Wednesday, when he was grilled on the company's business model, future regulation and privacy.