Facebook (FB) stock has negatively reacted to the current situation in the U.S. caused by the coronavirus outbreak and all the related risks.
Facebook Inc (NASDAQ: FB) stock has dipped 3.45% in the premarket to trade below $190 price level as the company is advising its employees from the greater Bay Area to stay at home due to fears of coronavirus spread in the locality. The instructions to cancel any work trip will affect its California headquarters and also it’s Menlo Park.
This a huge blow to the giant tech company that has seen its stock price experience a losing streak in the past week. With most stock markets affected by the ongoing coronavirus outbreak, it is now downing on Mark Zuckerberg that he cannot be in control of all the external factors, especially the coronavirus.
The company was quoted advising all of its Bay Area employees to work remotely at home as from Friday due to coronavirus fears. This will affect thousands of employees working round the clock to maintain the company, however, some technical team will still access their offices.
Facebook’s spokesperson Anthony Harrison said:
“Based on guidance from Santa Clara County today (March 6), we are strongly recommending that all Bay Area employees and contingent staff work from home starting tomorrow.”
He said that the decision is based on the company’s desire to protect its team from the deadly coronavirus that is ravaging the social fabric of the community. Tech giants are now feeling the heat of coronavirus, as Microsoft fell culprit after two of its employees tested positive with the virus.
Facebook also announced it will be closing its Seattle, Washington office until Monday after one of its contractors tested positive with the deadly virus. With no further notice of reopening, Facebook is now planning to decontaminate the whole office area by performing a thorough cleaning.
Facebook is considered the largest social media with huge influence both positive and negative on society. In these times of health crisis, the company is being used by all sorts of people, where some are spreading misinforming details about the disease.
However, according to Zuckerberg, the company is focused on making sure that everybody gets credible and verified information. As a precautionary measure, any search for coronavirus through Facebook, one is directed to the world health organization for verified information.
The company has offered free ads to the World Health Organization in order to educate people more about the virus. In addition, the company has offered millions in ad credit to any other organization that is focused on dealing with coronavirus.
With conspiracy theories likely to spread through Facebook, the company has put in place moderators to block any attempt, either in groups or personal accounts.
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