• General
  • December 8, 2018
  • 4 minutes read

Facebook is Buying Back an Additional $9 billion Worth of Stock

Facebook COO Sheryl Sandberg Photograph by Krista Kennell/Fortune Most Powerful Women Facebook’s board has approved a move to increase its…

Facebook COO Sheryl Sandberg

Photograph by Krista Kennell/Fortune Most Powerful Women

Facebook’s board has approved a move to increase its share repurchase program by $9 billion adding to the existing $15 billion figure planned by the company. This signals a move to appease investors following a dive in its stock after lots of scandals faced.
Facebook shares have gone down 24% this year and rose about 1.1% in after market trading. The company is being investigated by British lawmakers concerning the Cambridge Analytica saga after the now defunct political consulting firm which worked on Donald Trump’s U.S. presidential campaign got hold of personal data of 87 million of its users from a researcher.

Facebook board member and Andreessen Horowitz general partner Marc Andreessen

Photograph by Stuart Isett/Fortune Global Forum

It’s also facing scrutiny after being revealed to be involved in a controversial work with Republican opposition research firm Definers to compromise activist protesters, in part by linking them to liberal financier George Soros who has criticized the company.
This marks the second time the company is upping its buyback program by $9 billion after doing so this year April which brought the total amount to $15 billion at that time. Concerns over the company’s practices, the role of political adverts on its platform and possible foreign interference in the 2016 Brexit vote is also among the issues being investigated by British and European regulators.


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