Shares jumped 4.5 per cent — their biggest one-day gain in nearly two years
Yesterday was a critical day for Facebook billionaire boss Mark Zuckerberg as he faced off with a room full of senators over the social network’s role in presidential election-meddling and the Cambridge Analytica data scandal.
After nearly five hours of grilling, the 33-year-old internet mogul walked out without making any further promises to support new legislation or change how the social network does business.
“I’ll have my team follow up with you so that way we can have this discussion across the different categories where I think this discussion needs to happen,” Zuckerberg told the joint hearing by the US Senate’s Commerce and Judiciary committees, when asked what regulations he thought were necessary.
Not just that, investors were so impressed with his performance that they send the shares rising 4.5 per cent — their biggest one-day gain in nearly two years — and thereby adding $3bn to Zuckerberg’s personal fortune.
However, Facebook still has a long way to recover as the company shares are still around 11 per cent below their pre-Cambridge Analytica fiasco price.