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FB Stock Down 1% in Pre-market, Facebook Whistleblower Reveals Identity

UTC by Steve Muchoki · 3 min read
FB Stock Down 1% in Pre-market, Facebook Whistleblower Reveals Identity
Photo: Depositphotos

Facebook stock has dropped 3.30%, 8.84%, and 2.82% in the past three months, one month, and five days respectively through Monday’s pre-market.

Facebook Inc ( NASDAQ: FB) stock traded approximately 0.85% of last Friday’s close of $343.01, during Monday’s premarket trading session. Notably, FB shares added approximately 1.07% by the end of  Friday’s trading market. The global social networking company is under attack from different lawmakers through law firms.

The attack indicated the firm is negatively affecting teenage girls, thereby not allowed to continue building its Kids Instagram app. The attacks continued Last Sunday when a former employee of the company, Frances Haugen-who leaked internal documents showing the company’s research on social and societal issues-  revealed herself.

Facebook (FB) stock has dropped 3.30%, 8.84%, and 2.82% in the past three months, one month, and five days respectively through Monday’s pre-market. However, FB shareholders who have been with the company for the past two years and beyond have experienced 31.96%, and 25.57% gains in the past year and YTD according to market analytics provided by MarketWatch.

Notably, Facebook is $32 billion shy of entering the Trillion dollar group of companies. With a market capitalization of approximately $967.1 Billion at the time of reporting, the company has attracted more attention from global regulators as the crypto industry has attracted notable attention from governments after hitting around a $2.5 trillion market cap.

A deeper analysis of Facebook’s data by MarketWatch highlights that the company’s stock market received an average recommendation of Overweight from 51 ratings. Out of which the average target price stands at 421.55, with a high target price of 500, median target price of 425, and low target price of 300.

Facebook (FB) Stock Future Outlook and Nature of Market Attacks

Notably, Haugen who appeared in an interview on news magazine ‘60 Minutes’ that is backed by CBS, is scheduled to testify in a Senate subcommittee tomorrow, Tuesday. The hearing is titled “Protecting Kids Online,” which touches on things about the company’s research into Instagram’s effect on the mental health of young users.

During the interview, the former Facebook internal researcher said the company has been bidding more than it knows about society’s challenges. “I’ve seen a bunch of social networks and it was substantially worse at Facebook than anything I’d seen before,” she said in the interview on Sunday.

In its defense, the company has distanced itself from manipulative ways of earning profits from its huge market dominance.

“Every day our teams have to balance protecting the ability of billions of people to express themselves openly with the need to keep our platform a safe and positive place,” Facebook spokesperson Lena Pietsch said in a statement following Haugen’s identity reveal. “We continue to make significant improvements to tackle the spread of misinformation and harmful content. To suggest we encourage bad content and do nothing is just not true.”

Business News, Market News, News, Social Media, Stocks
Steve Muchoki

A financial analyst who sees positive income in both directions of the market (bulls & bears). Bitcoin is my crypto safe haven, free from government conspiracies. Mythology is my mystery! "You cannot enslave a mind that knows itself. That values itself. That understands itself."

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