Facebook Stock Still Diving As Mark Zuckerberg To Testify

Facebook Stock Still Diving As Mark Zuckerberg To Testify

Facebook Inc (NASDAQ:FB) stock continued to tank on Tuesday as the company revealed that CEO Mark Zuckerberg will indeed appear before the U.S. Congress to give his testimony on the data scandal involving Cambridge Analytica. However, he won’t extend the same courtesy to British lawmakers, as it sounds like he isn’t planning on appearing before Parliament. Meanwhile, analysts are still holding steady on Facebook stock, with their repetitive commentary coming across like a broken record.

Mark Zuckerberg to appear before Congress, but not MPs

[Exclusive] DG Value Underperforms In H1, Sees Growing Number Of Distressed Opportunities

Dov Gertzulin's DG Capital has had a rough start to the year. According to a copy of the firm's second-quarter investor update, which highlights the performance figures for its two main strategies, the flagship value strategy and the concentrated strategy, during the first half of 2022, both funds have underperformed their benchmarks this year. The Read More

Initially, it was reported that Facebook CEO Mark Zuckerberg had decided to send one of his deputies to appear before Congress, but following a large amount of backlash, sources told CNNMoney that he will indeed testify before U.S. lawmakers. The media outlet’s sources said the constant pressure not only from lawmakers from also the public and the media made it impossible for the company to justify having anyone but its CEO appear.

CNNMoney’s sources suggested that Mark Zuckerberg might not be the only major tech executive to testify in the data scandal. They believe that his willingness to appear before lawmakers could pressure Twitter Chief Executive Jack Dorsey and Google Chief Sundar Pichai to testify as well. In a move which demonstrates that Facebook isn’t the only one on the hook for what happened to data it was holding, Sen. Chuck Grassley, chairman of the Senate Judiciary Committee, called for all three CEOs to attend a data privacy hearing next month.

Mark Zuckerberg will not testify in London, however, as he told British lawmakers today that he will send two of his deputies to speak to members of Parliament on