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Facebook CEO Mark Zuckerberg Facebook is going to come to Europe with an official visit this month. At the same time, FB stock is experiencing not the best period.
Facebook (FB) stock continued to trade lower on Tuesday closing at $207.15 from the previous monthly high of $224. At the time of writing, the price was around $210. This comes as Chief Executive Mark Zuckerberg is preparing for visiting Europe to meet with EU officials in the course of the month.
Facebook Stock Price Movements: Factors
The stock price might be looking at a trend reversal after forming what seems like a head and shoulder on the higher time frame. With a lot of pressure from all angles, Facebook is struggling with data protection and trust issues with local and international governance.
At the time of news reporting, the market was showing a high probability of continuing with the downtrend as the trade volume assist the bears in pushing the market price lower. The stock price enjoyed a rising market the better part of 2019, after retesting a strong support zone at $176 per share.
If the shares continue losing value, they might end up retesting the same zone due to political uncertainties. As the United States is getting ready for the election period, the company will be being watched closely by different authorities.
With Libra still experiencing technical problems on the ground, the giant social and tech company will have to re-look at its policies to fuel its stock prices in the market once more.
Mark Zuckerberg Europe Visit Details
According to Reuters, Zuckerberg is scheduled to meet the European Union’s digital and industry chiefs on February 17. According to Facebook, Zuckerberg is scheduled to travel to Europe in order to participate in the Munich Security Conference, and also hold a meeting with EU officials in Brussels in order to discuss a clear framework on internet rules and regulations. The EU is looking forward to discussing with Facebook’s CEO Zuckerberg, matters on the use of artificial intelligence before finalizing the rules.
The European Union is currently challenging Facebook on its data collection and how they deal with it. With the EU being a major policymaker in Europe, Facebook will be looking forward to impressing and deal with issues head-on to counter the problem of the falling stock.
Mark Zuckerberg last held a meeting with the European Union officials back in 2018 when he had to answer burning questions from the EU parliament. He had to clarify on how the company uses 2.7 million European members’ personal information, as allegations revolving improper use with political consultancy Cambridge Analytica had crossed the mainstream media.
Despite the huge success in the last decade, Facebook is experiencing resistance from policymakers as the world evolves to become a technological and internet-based community.