Facebook stock rises halfway through Zuckerberg’s Senate testimony

Eric Lieberman, DCNF

Facebook’s stock rose roughly 4 percent halfway through CEO Mark Zuckerberg’s Senate hearing Tuesday afternoon.

Facebook founder and CEO Mark Zuckerberg testifies during a Senate Commerce, Science and Transportation Committee and Senate Judiciary Committee joint hearing about Facebook on Capitol Hill in Washington, DC, April 10, 2018.<br /> Facebook chief Mark Zuckerberg apologized to US lawmakers Tuesday for the leak of personal data on tens of millions of users as he faced a day of reckoning before a Congress mulling regulation of the global social media giant.In his first-ever US congressional appearance, the Facebook founder and chief executive sought to quell the storm over privacy and security lapses at the social network that have angered lawmakers and Facebook's two billion users.<br /> / AFP PHOTO / SAUL LOEB (Photo credit should read SAUL LOEB/AFP/Getty Images) — (SAUL LOEB/AFP/Getty Images)

The tech giant’s market valuation has taken a big hit in recent weeks due to a number of recent events and purported revelations that many say shows Facebook may not care too much about how user data is utilized, or even manipulated. By March 27, it reportedly lost $80 billion in market value since it disclosed it was suspending a data analytics firm that worked with President Donald Trump’s campaign and misused data acquired through an app on the social media platform.

Facebook stock has shot back up, perhaps due to some of the arguably toothless questioning from certain lawmakers. It also may be too early to tell why, and the company’s market value could always go back down given the fact that Zuckerberg has yet another Congressional hearing Wednesday before the House Committee on Energy and Commerce.

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