Facebook Shares Climb as Mark Zuckerberg Testifies

Silicon Valley giant’s stock finishes trading day up 4.5 percent

Last Updated: April 10, 2018 @ 1:48 PM

As Mark Zuckerberg testified before Congress on Tuesday, shares of Facebook closed by up more than 4.5 percent to end trading.

Facebook shares followed the broader market, which was up on Tuesday. The Silicon Valley giant’s stock has dropped nearly 11 percent since news broke of the Cambridge Analytica data leak.

Zuckerberg testified in his first of two hearings on Tuesday, with a joint hearing of the Senate Judiciary and Commerce committees discussing how Facebook handles user data — and the Facebook CEO taking responsibility for company failures.

Zuckerberg and Facebook have made attempts to right the ship and earn users’ trust back. Last week Zuckerberg announced new rules surrounding political advertising, as a response to how the social network was leveraged by Russian trolls during the 2016 Presidential election.

In his written statement to the House Committee on Energy and Commerce, Zuckerberg apologized for the leak and the fake news that has appeared on the network.

“It’s clear now that we didn’t do enough to prevent these tools from being used for harm as well. That goes for fake news, foreign interference in elections, and hate speech, as well as developers and data privacy,” Zuckerberg said. “We didn’t take a broad enough view of our responsibility, and that was a big mistake. It was my mistake, and I’m sorry.

“I started Facebook, I run it, and I’m responsible for what happens here,” he continued. “So now we have to go through every part of our relationship with people and make sure we’re taking a broad enough view of our responsibility”

Facebook shares are down more then 6 percent in the year to date.