Facebook CEO Mark Zuckerberg’s testimony before Congress and the Senate has bolstered the company stock.
After Zuckerberg’s first day of testimony on April 10, the stock climbed 4.5%. The stock continued to rise, closing 0.8% higher after Zuckerberg’s second day of testimony on April 11.
Just under a month ago, when the news broke about the Cambridge Analytica data breach, anxious investors reacted by quickly selling off large shares of Facebook stock, pushing the stock down 6.7%. Shortly after, Zuckerberg released a statement on Facebook and agreed to testify in front of Congress in a March 21 interview on CNN.
In Zuckerberg’s highly anticipated testimony, various lawmakers called upon the billionaire co-founder of Facebook to explain how the data breach occurred and how such a breach could be prevented again. With every question, Zuckerberg calmly responded and took ownership for the company’s future position to better handle users data.
“When people ask us if we’re a media company or a publisher, my understanding is — what the heart of what they’re really getting at is — do we feel responsibility for the content on our platform?” Zuckerberg said on April 10. “The answer to that, I think, is clearly yes, but I don’t think that’s incompatible with fundamentally, at our core, being a technology company where the main thing we do is have engineers and build products.”
The notion was also raised that perhaps in the near future the social network could introduce a paid version of its service. While Zuckerberg insisted on several occasions that there would always be a version of the social network that is free, he did not rule out a paid version stating that he would “certainly consider ideas like that.”
Aside from learning that Zuckerberg does not feel comfortable with the public knowing what hotel he is staying at or who he messages through the Facebook messenger app, and that the flagging of Trump supporters Diamond & Silk’s content was an error, Zuckerberg’s field trip to Capitol Hill seems to have been a business boon.
Facebook stock up 4.5% on news that America is run by people who still own VCRs pic.twitter.com/whQd2hGKMN
— Tom Gara (@tomgara) April 10, 2018