Facebook shareholders enjoyed a healthy stock price bump on Monday — something that stands out considering the social network’s rocky 2018 — after the company announced it would buy back $9 billion worth of shares.
The buyback was approved by the company’s board last Thursday and disclosed in a filing with the Securities and Exchange Commission on Friday afternoon. Wall Street responded positively on Monday, with Facebook shares increasing 3.2 percent to hit $141.85 per share.
Facebook shares have dropped 22 percent since the start of 2018 (via Google)
The $9 billion buyback adds to an aggressive stock repurchase plan Facebook already had in place, with the company’s board approving a $15 billion buyback last year. The latest repurchase plan does not have an expiration date, according to the company’s SEC filing.
Despite Monday’s rally, it’s been a trying year for Facebook and its shareholders. Company shares are down 22 percent since the beginning of 2018 amid a series of highly-publicized scandals — chief among them being the Cambridge Analytica data leak in March, which exposed the profile information of up to 87 million unwitting users to the political data firm.
Facebook shares briefly rebounded in May, but the company’s struggle to grow its massive user base of 2.2 billion people, coupled with underwhelming revenue growth, has allowed the company to get pushed down during the recent tech industry swoon.
10 Most Shocking Russian Troll Posts on Facebook and Instagram, From Hillary Clinton to Police Brutality (Photos)
The U.S. House Intelligence Committee on Thursday released more than 3,500 advertisements and posts spread by Russian trolls before and after the 2016 U.S. election. Below is a look at 10 of the most shocking examples that stood out from Congress's reveal.
House Intelligence Committee
Many posts pushed the narrative that Hillary Clinton would confiscate guns if she were elected President.
House Intelligence Committee
This graphic meme painted cops as KKK members attacking a young black child.
House Intelligence Committee
Only "sissies" and other undesirables wouldn't support Donald Trump, many of the memes said.
House Intelligence Committee
President Obama was a "pawn" and "traitor" in the hands of "Arabian Sheikhs," said one 2016 ad.
House Intelligence Committee
The "Black Matters US" page touched on hot button issues like police shootings.
House Intelligence Committee
The "Army of Jesus" page shared a bible verse, along with this meme.
House Intelligence Committee
Russian trolls also used Instagram to spread sponsored political memes.
House Intelligence Committee
The "Blacktivist" page routinely shared memes on Colin Kaepernick and other football players kneeling during the national anthem.
House Intelligence Committee
"Heart of Texas" routinely posted on "Killary Rotten Clinton," and threatened to secede from the union if she won the election.
House Intelligence Committee
The "Being Patriotic" page labeled ex-cons as "Obama voters."
House Intelligence Committee
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Congress just released 3,500 posts touching on a myriad of topics
The U.S. House Intelligence Committee on Thursday released more than 3,500 advertisements and posts spread by Russian trolls before and after the 2016 U.S. election. Below is a look at 10 of the most shocking examples that stood out from Congress's reveal.