Facebook Plans to Buy Back Another $9 Billion of Shares
Facebook has announced plans to buy back another $9 billion of its shares in addition to the $15 billion that had been announced last year.
The move is likely an attempt to satisfy investors after its stock has fallen over 22% in the past year. Like the other FANG stocks, the last month hasn’t been especially kind to the tech giant as it has seen its shares drop significantly.
The recent downturn comes at the same time that the company faces an investigation by European lawmakers after the Cambridge Analytica scandal in which the personal data of 87 million users was breached. Other issues being investigated include possible foreign interference using Facebook in both the Brexit vote and the U.S. Presidential election in 2016 and the impact of political advertisements on the site.
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