Facebook shares rise as BlackRock Fund increases exposure to the tech giant

Facebook shares closed higher Tuesday as it emerged a stock picking BlackRock Fund increased its exposure to the tech giant during March.

Facebook shares rise as BlackRock Fund increases exposure to the tech giant

Facebook shares closed in positive territory in the US Tuesday trading session, following news that a BlackRock stock picking fund increased its holdings of the social media business in March.

Facebook is now the BlackRock’s Global Allocation Fund’s sixth-largest stock holding. Apple remains the largest stock pick for the Fund.

Facebook shares ended 2.32% higher, Tuesday, at $168.66, the highest level for almost one month. The stock is also in the green in after-hours activity.

Facebook retains value for some

Facebook shares moved lower during March as the Cambridge Analytica data privacy scandal was uncovered. However, while many investors sought to sell the stock over fears it may not recover from the development, it appears BlackRock’s Fund stock pickers opted to buy Facebook shares at that lower price.

And, following CEO Mark Zuckerberg testimony before the US congress last week, there are signs that more investors are willing to take a chance on the stock at the lower price levels, helping to boost the share price this week so far.

Social media site updates privacy policy

As Facebook works to get its privacy policy in order, it has updated some elements of how it allows users to opt in to some details.

Ahead of the EU GDPR rules which come into force on May 25th, Facebook has made an update allowing users to easily opt in to its facial recognition feature.

However, for those EU users who don’t wish to allow Facebook to use this tech on their profile, it takes a few additional steps to confirm the tech has been disabled.

Despite that, it’s a move in the right direction for the tech firm who is facing criticism over its data privacy policies and transparency from a variety of sources. That includes investor firm Trillium Asset Management, who earlier this week called on Facebook to establish a new Risk Oversight Board.

“In light of the numerous adverse events of the past few years, it seems prudent for Facebook to consider the pros and cons of institutionalizing a group whose sole focus would be on risk management,” Trillium’s senior Vice President Jonas Kron said in a letter to shareholders.

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