Facebook shares rose sharply , registering its biggest gain in nearly two years , as chief executive Mark Zuckerberg answered questions from U .S . senators on how Facebook might be regulated more – closely.
According to media report on Wednesday , Zuckerberg apologised for the issues that Facebook caused , from data privacy to foreign attempts to influence U . S. elections . But he avoided any specific talk about new laws .
“I ’ll have my team follow up with you so that way we can have this discussion across the different categories where I think this discussion needs to happen ,” said Zuckerberg .
He said this in a hearing of the U .S . Senate ’s Commerce and Judiciary committees about the regulations he thought were necessary.
“Zuckerberg is conciliatory in his presentation . The stock is running up on his comments ,” said Mariann Montagne , portfolio manager at Gradient Investments in Arden Hills , Minnesota .
Facebook shares closed up 4 .5 per cent at 165 .04 dollars , its highest level in almost three weeks . It was its biggest daily gain since April 28 , 2016 .
The shares fell -steeply last month after it was revealed that millions of users’ personal – information was obtained from Facebook by Cambridge Analytica, a political -consultancy that used the information in Donald Trump ’s presidential campaign in 2016 .
The latest estimate of affected users is up to 87 million .
©Reuters / NAN