Facebook remains one of the strongest stocks in the market despite the grilling court hearings. The tech giant continues to tally bullish figures on their previous two sessions. The investors offset the possible regulations on the company’s CEO strong testimony.
A massive influx of support from the market has helped Facebook’s market performance. The social media platform was expected to hit bearish territory prior to the two-day hearing. The possible regulation implementation as a potential outcome has shaken the market.
The positive outcome came after a massive 10 hours of questioning over the span of two days. CEO Mark Zuckerberg faced a massive amount of U.S. lawmakers, 100 of them or more. The questions revolved around the data scandal that the platform has had.
Furthermore, the meeting’s conclusion remains vague for the market and the companies. The U.S. lawmakers are still yet to release their general consensus. The privacy legislation is still left unheard of until a concrete answer is shown.
The timelines and further actions are also yet to be disclosed. This new problem the lawmakers have been handling has technical details and data that need a longer deliberation. The complexity of the new technology also adds up to the looming difficulty it poses.
To add, Zuckerberg also expressed his stand regarding the legislation prior to the meeting. He mentions that he will not promise any support if ever legislation happens. He also said that changes with the social media and how they do business are up for debate, but he is also open to any fair data regulations that may help the platform’s users.
According to market analysts, Zuckerberg’s first congressional hearing went very well. He managed to answer the questions from the lawmakers. The testimony he gave was convincing and helped his company come out stronger than most expectations.
Looking at Facebook’s performance, it managed to scoop a whopping 4.5% increase after the two-day hearing. The social media platform continued to create great performance despite their data scandal that was taking the headlines last week.
Last week, the company’s CEO notified its users that the data scandal didn’t have any significant or “meaningful” impact.
On the previous hearing, Zuckerberg also defended the company’s advertisers. He mentioned that "We think offering an ad-supported service is most aligned with our mission of trying to connect everyone in the world because we want to offer a free service that everyone can afford,"
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