Facebook (FB) Stock Up 2.71% in Pre-market, Zuckerberg Lets Employees Work Remotely

UTC by Steve Muchoki · 3 min read
Facebook (FB) Stock Up 2.71% in Pre-market, Zuckerberg Lets Employees Work Remotely
Photo: Facebook

Facebook (FB) stock is on the rise for the past few weeks, Zuckerberg decided to cancel events involving more than 50 people and to allow employees to work from home through summer.

Facebook Inc (NASDAQ: FB) stock has been defying gravitational pull by the coronavirus since the mid-March reversal after hitting this year’s new all-time low. As of April 16, the stock closed the day trading at $176.25, having ended the day 0.41% lower than the previous day. However, today in the pre-market, FB stock is in the green. Its price is $181.02 which indicates a 2.71 % growth. This comes at a time when Facebook CEO Mark Zuckerberg is readjusting the company’s daily operation to fit in with the ongoing coronavirus. Since it’s a tech company, most of its employees will be privileged to get a chance to work remotely from home as social distancing proves to control the spread of the coronavirus.

The stock previously free fell from trading at an all-time high, $220 to hit a $137 in one month. The drop was a huge sell-off from investors who feared the primary source of revenue, ads, will depreciate during the crisis.

Despite being true, Facebook has been able to rise from the ashes to recover almost half of the lost profits. In any case, FB stock may follow the footsteps of Amazon.com Inc (NASDAQ: AMZN), which has flourished in these challenging times. However, if the company does not readjust fit enough to absorb the coronavirus shock, the free fall may be imminent.

However, the company has been using different tactics to remain relevant in the recent past, including showing responsibility in how misinforming information does not get the light of the day. The company also offers the WHO free ads to help keep its traffic and market relevance green.

Facebook Policy and Decisions by Zuckerberg amid Coronavirus

As the cases of confirmed coronavirus surpass 2.16 million and the deaths top 145K globally, according to Johns Hopkins at the time of writing, companies are getting to realize the crisis might take longer than anticipated. This has led to Facebook announcing and issuing new directives to control the spread of the virus in the community.

On Thursday, Facebook CEO Mark Zuckerberg announced that the company will allow its employees to work remotely from home up until summer. The company also announced that it will not be holding any event that surpasses more than 50 people until at least July 2021.

“Most Facebook employees are fortunate to be able to work productively from home, so we feel a responsibility to allow people who don’t have this flexibility to access shared public resources first”, added Zuckerberg.

“I hope this helps contain the spread of COVID-19 so we can keep our communities safe and get back up and running again soon,” explained he.

We also should bear in mind that the Facebook (FB) stock price in the near future will largely depend on the next policies the company takes in regard to coronavirus.

Business News, Market News, News, Social Media, Stocks
Related Articles