Facebook, Inc. (NASDAQ:FB) inched down in pre session on Thursday as share surged over 1.89% to trade at $179.85 in last trading session after the U.S. House Financial Services Committee reported that CEO Mark Zuckerberg is slated to testify before Congress in a special hearing on October 23.
According to the Libra, Association Libra is still slated to release in the second half of 2020. Libra has faced a tough road ever since it was first announced in June. Just last week, one of its inaugural partners, PayPal, dropped out of the Libra Association, leaving it with one less Silicon Valley titan as part of its committee.
Mark Zuckerberg required to rally employees among a litany of challenges the social media firm has faced over the previous year and a half, speaking candidly in two hours of leaked audio recordings published by the Verge.
CEO of Facebook described his decision on why he wouldn’t travel the world to appear in front of some foreign governments. He commented that it just doesn’t make sense for him to go to hearings in every single country that wants to have his show up.
As soon as requested about rivalry with TikTok, a popular video and social media app owned by China’s ByteDance Inc., Zuckerberg replied to an answer. He added, they have a product called Lasso that’s a standalone app that they are working on, trying to get product-market fit in countries like Mexico. They are trying to first see if they can get it to work in countries where TikTok isn’t already big before they go and contend with TikTok in countries where they are big.
Whereas NBC reported that Zuckerberg is, of course, no stranger to congressional grilling. In 2018, Congress questioned the executive over Facebook’s ties to Cambridge Analytica. Facebook had apparently been selling users’ private data to the firm for years for advertising purposes, which resulted in a $5B settlement and a significant decrease in user trust in Facebook.
Congress members want Zuckerberg, not surrogates, to answer for Facebook’s Libra