Facebook shares ended the US Tuesday trading session lower again, as tech concerns continue and amid reports CEO Mark Zuckerberg has agreed to testify before US congress. No details have been shared, but its thought the Facebook founder could appear at Capitol Hill in a couple of weeks’ time.
Facebook shares closed down 4.90% at $152.22. The stock is also in the red in after-hours activity amid ongoing tech sector woes.
Zuckerberg’s congressional appearance
In the past, Zuckerberg has made scant few appearances at Government hearings regarding Facebook and its activities. However, after telling numerous news reporters that he would testify if he was the most knowledgeable person on the subject, it appears he’s decided that, in this case, he is.
The unconfirmed, but widely reported news of Facebook’s CEO testimony in front of Congress comes just a day after Zuckerberg snubbed a UK Government panel. The UK Committee chairman called Zuckerberg’s decision to send a senior Facebook executive in his place “astonishing”.
Zuckerberg had been invited to face a UK committee hearing to answer questions on the Facebook, Cambridge Analytica data scandal that continues to rock the tech sector, as answers to a growing list of questions are awaited.
Chris Cox, Facebook's chief product officer will give evidence in the UK, in Zuckerberg’s place, in the first week after the Easter parliamentary break.
Facebook to share details on user data privacy
Zuckerberg’s reported decision to attend the US hearing, comes as the world continues to demand more answers on how private data from 50 million Facebook users was accessed and used by data science firm, Cambridge Analytica.
Both Facebook and Cambridge Analytica deny that any wrongdoing has escalated as far as reports suggest. Meanwhile, the social media platform insists it has put in more processes to safeguard against this type of data privacy abuse happening again.
Investors remain unconvinced of that, however, and the worries over data storage, use and privacy that have been bubbling for some time, appear to be surfacing. That’s particularly the case among the FANG sector and other tech socks.