12 Apr Facebook Stock Rises as Zuckerberg Fends Off Congressional Grilling
Facebook shares went up 0.78% last Wednesday, in addition to a 4.5% increase the day before as CEO Mark Zuckerberg stood his ground at his first Congressional hearing which lasted for as long as 10 hours.
The social network’s head emerged unscathed after deflecting questions from around 100 lawmakers on his company’s control over the data of millions of American users. However, Zuckerberg on a number of instances promised to get back with the data instead of giving an outright answer. He also admitted that his own data had been improperly shared to Cambridge Analytica as well.
Zuckerberg also resisted when asked for support on new legislation, particularly for the protection of children on websites such as Facebook, but conceded that regulation would eventually be needed without getting into specifics.