Facebook shares climb as Mark Zuckerberg testifies at senate hearing

Investors drove up the price of Facebook’s stock price 5% after CEO Mark Zuckerberg proffered apologies to a Senate committee about the social giant’s errors in the Cambridge Analytica data-privacy scandal.

Shares began climbing at 2:52 p.m. ET, as Zuckerberg was delivering his opening remarks to the committee. As of 3:20 p.m. ET, while he was still testifying, Facebook shares were up 4.8%, to $165.52 per share.

“We didn’t take a broad enough view of our responsibility, and that was a big mistake. It was my mistake, and I’m sorry,” Zuckerberg told the senators in his prepared remarks. 

RELATED: Inside the Cambridge Analytics data-privacy scandal: 

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A man fixes posters depicting Cambridge Analytica's CEO Alexander Nix behind bars, with the slogan 'Our Data Not His. Go Straight To Jail' to the entrance of the company's offices in central London on March 20, 2018. The European Parliament on Tuesday invited Facebook chief Mark Zuckerberg to speak following revelations that a firm working for Donald Trump's US presidential campaign harvested data on 50 million users. Facebook has faced worldwide criticism over the claims that Cambridge Analytica, the UK data analysis firm hired by Trump's 2016 campaign, harvested and misused data on 50 million members. / AFP PHOTO / Daniel LEAL-OLIVAS (Photo credit should read DANIEL LEAL-OLIVAS/AFP/Getty Images)
PARIS, FRANCE - MARCH 20: In this photo illustration the logo of the strategic communication company 'Cambridge Analytica' is seen on the screen of an iPhone in front of a computer screen showing a Facebook logo on March 20, 2018 in Paris, France. Cambridge Analytica is accused of collecting the personal information of 50 million users of the Facebook social network without their consent and would have used it to develop software to predict and influence voter voting during the campaign American election according to the New York Times and the Guardian. Facebook share price fell by more than 5% Monday shortly after the opening of Wall Street. (Photo Illustration by Chesnot/Getty Images)
LONDON, UNITED KINGDOM - MARCH 20: A protester called Heiko Khoo sticks posters of Alexander Nix behind bars onto the windows of the offices in a demonstration against Cambridge Analytica on March 20, 2018 in London, England. PHOTOGRAPH BY Matthew Chattle / Barcroft Images (Photo credit should read Matthew Chattle / Barcroft Images / Barcroft Media via Getty Images)
Christopher Wylie, a whistleblower who formerly worked with Cambridge Analytica, the consulting firm that is said to have harvested private information from more than 50 million Facebook users, speaks at the Frontline Club in London, Britain, March 20, 2018. REUTERS/Henry Nicholls
A man films Christopher Wylie, a whistleblower who formerly worked with Cambridge Analytica, the consulting firm that is said to have harvested private information from more than 50 million Facebook users, for a Facebook live cast as he speaks at the Frontline Club in London, Britain, March 20, 2018. REUTERS/Henry Nicholls
Christopher Wylie, a whistleblower who formerly worked with Cambridge Analytica, the consulting firm that is said to have harvested private information from more than 50 million Facebook users, arrives at the Frontline Club in London, Britain, March 20, 2018. REUTERS/Henry Nicholls
A man wheels storage crates from the building that houses the offices of Cambridge Analytica in central London, Britain, March 20, 2018. REUTERS/Henry Nicholls
People walk past the building housing the offices of Cambridge Analytica in central London, Britain, March 20, 2018. REUTERS/Henry Nicholls
People walk past the building housing the offices of Cambridge Analytica in central London, Britain, March 20, 2018. REUTERS/Henry Nicholls
Alexander Nix, CEO of Cambridge Analytica arrives at the offices of Cambridge Analytica in central London, Britain, March 20, 2018. REUTERS/Henry Nicholls
A man films Christopher Wylie, a whistleblower who formerly worked with Cambridge Analytica, the consulting firm that is said to have harvested private information from more than 50 million Facebook users, for a Facebook live cast as he speaks at the Frontline Club in London, Britain, March 20, 2018. REUTERS/Henry Nicholls
NEW YORK, NY - MARCH 19: Traders and financial professionals work ahead of the closing bell on the floor of the New York Stock Exchange (NYSE), March 19, 2018 in New York City. The Dow Jones industrial average dropped over 330 points on Monday. Shares of Facebook dropped nearly 7 percent after news broke that analytics firm Cambridge Analytica was able to collect information on 50 million people's Facebook profiles without their consent. (Photo by Drew Angerer/Getty Images)
PARIS, FRANCE - MARCH 20: In this photo illustration the logo of the strategic communication company 'Cambridge Analytica' is seen on the screen of an iPhone on March 20, 2018 in Paris, France. Cambridge Analytica is accused of collecting the personal information of 50 million users of the Facebook social network without their consent and would have used it to develop software to predict and influence voter voting during the campaign American election according to the New York Times and the Guardian. Facebook share price fell by more than 5% Monday shortly after the opening of Wall Street. (Photo Illustration by Chesnot/Getty Images)
NEW YORK, NY - MARCH 19: Traders and financial professionals work ahead of the closing bell on the floor of the New York Stock Exchange (NYSE), March 19, 2018 in New York City. The Dow Jones industrial average dropped over 330 points on Monday. Shares of Facebook dropped nearly 7 percent after news broke that analytics firm Cambridge Analytica was able to collect information on 50 million people's Facebook profiles without their consent. (Photo by Drew Angerer/Getty Images)
HOLBORN, UNITED KINGDOM - MARCH 20: Chief executive of Cambridge Analytica Alexander Nix arrives at the office near Holborn on March 20, 2018 in Holborn, England. PHOTOGRAPH BY Matthew Chattle / Barcroft Images (Photo credit should read Matthew Chattle / Barcroft Images / Barcroft Media via Getty Images)
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What may have reassured Wall Street: No real bombshells came out at the Senate hearing. Zuckerberg was succinct, apologetic and appeared willing to follow up to provide additional information.

Zuckerberg has previously apologized and discussed what Facebook is trying to do rectify the situation. The senators asked the CEO about a range of topics, including its handling of the Cambridge Analytica situation, its policies about user privacy, hate speech, and Facebook’s role in dealing with bad actors trying to influence elections.

The joint hearing before the Senate Judiciary and Senate Commerce Committees was scheduled to start at 2:15 p.m. ET, but kicked off around 2:30.

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