Facebook posts biggest gain in 2 years during Zuckerberg hearing

posted by John Elliott -

By Published April 10, 2018TechnologyFOXBusiness

Facebook shares posted its largest single-day gain in two years on Tuesday as CEO Mark Zuckerberg testified on Capitol Hill about the social media giant’s privacy practices in the wake of the Cambridge Analytica data breach.

The company has unveiled sweeping changes to its data practices in recent days after reports that the British analytics firm misused the personal data of as many as 87 million users. Zuckerberg took personal responsibility for the data breach during opening remarks delivered to a rare joint hearing of 44 senators from the Senate commerce and judiciary committees.

“We didn’t take a broad enough view of our responsibility, and that was a big mistake,” Zuckerberg said. “And it was my mistake, and I’m sorry. I started Facebook, I run it, and I’m responsible for what happens here.”

Facebook shares rose 4.5% to $165.04 at Tuesday’s close. The stock is still down more than 10% since mid-March, when questions about the misuse of data first arose. The stock surge came amid a strong day of trading in U.S. markets, with the Dow Jones Industrial Average rising more than 400 points.

The California-based company began earlier this week to alert users whose data was compromised. Zuckerberg is also expected to testify before a House committee on Wednesday.

FOX Business’s live blog on the Zuckerberg hearing can be viewed here.

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