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.
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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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