Technology
Facebook will repurchase another $ 9 billion of its shares in an attempt to pacify investors after a slump in its stock.
FILE PHOTO – A Facebook logo printed in 3D is seen opposite the code shown in the illustration, taken on March 22, 2016. REUTERS / Dado Ruvic / Illustration / Photo Archive
REUTERS: Facebook will repurchase another $ 9 billion of its shares as it seeks to calm investors after a slump in their stock.
The shares of the social media giant, which fell more than 22 percent this year, rose nearly 1 percent in extended trading.
The new program is in line with a $ 15 billion share repurchase plan announced by the company last year.
Facebook is being investigated by British lawmakers after consulting Cambridge Analytica, who worked on Donald Trump's presidential campaign in the US, obtained personal data from 87 million Facebook users of a researcher.
Concerns about the practices of the social media giant, the role of political announcements and possible foreign interference in the 2016 Brexit vote and the US election are among the topics being investigated by UK and European regulators.
(Reporting by Vibhuti Sharma in Bengaluru; Editing by Anil D & # 39; Silva)
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