203.83 -0.01 (-0.00%)
After hours: 6:37PM EDT
|Bid||203.43 x 1200|
|Ask||203.55 x 800|
|Day's range||203.10 - 205.47|
|52-week range||123.02 - 218.62|
|Beta (3Y monthly)||1.30|
|PE ratio (TTM)||30.25|
|Earnings date||24 Jul 2019|
|Forward dividend & yield||N/A (N/A)|
|1y target est||222.97|
The top Democrat on the Senate Banking Committee says he has not heard anything from Facebook that eases his concerns about Libra.
Rep. David Cicilline, chairman of the House Judiciary antitrust subcommittee, has a lot of questions for Facebook as
Come September 2, Workplace is changing its pricing tiers,how it charges its users and the services that it provides customers
Facebook has launched a tool for U.K. users to report ads they suspect of being scams. Once a scam ad report has been filed, the feature will alert a dedicated internal ops team at Facebook that is tasked with handling reports -- so reviewing reports and removing violating ads. The new consumer safety feature follows a defamation lawsuit filed in April last year by consumer advice personality Martin Lewis, who had become exasperated by the volume of scam ads misappropriating his image on social media to try to trick users into parting with their savings.
(Bloomberg) -- Facebook wants to build the cryptocurrency of the future, but first it has to contend with its past.When U.S. senators gathered on Tuesday to ask questions about Libra, the proposed digital currency Facebook Inc. is developing, they took turns blasting the tech giant over years of missteps. Facebook’s failures around user privacy, the company’s immense power, and even its role in the 2016 elections were mentioned repeatedly by members of the Senate Banking Committee, whose statements reflected a near-unanimous refrain: Facebook shouldn’t be trusted to create a new global currency.“Facebook is dangerous,” said Senator Sherrod Brown, the committee’s ranking Democrat, who set the tone with his scathing opening remarks just minutes into the hearing. Brown described the company as a “toddler” with a book of matches. “Facebook has burned down the house over and over and called every arson a learning experience,” he said.Brown was joined by senators from both parties who expressed similar concerns. “Lots of people out there already think Facebook is too big and too powerful,” said Brian Schatz, a Democrat from Hawaii. “Why in the world should Facebook of all companies, given the last couple of years, do this?”The vision, according to Facebook, is to create a digital currency that will lower the cost of international money transfers and help bring more than a billion people without bank accounts onto the global financial system. But after the world’s largest social network announced the plan last month, it swiftly met skepticism from a broad coalition of U.S. officials, including Federal Reserve Chairman Jerome Powell and U.S. President Donald Trump. At the same time, the company is dealing with other lingering problems in Washington, including a privacy investigation by the Federal Trade Commission that is just now coming to a close.Answering that criticism on Tuesday was David Marcus, the executive who leads the company’s blockchain team and has so far served as the de-facto leader for Libra. Marcus spent his opening remarks trying to better explain what Libra is, and the company’s plan for how it could change the world of personal finance. He spent much of his time after that, though, defending his employer for its previous missteps, and trying to convince Congress that people will be able to use Libra without ever having to use Facebook.“We will have to make very strong commitments so that people trust us, and we will have to honor those commitments for a very long period of time to earn people’s trust,” he said, adding that users will be able to use the Libra currency with other digital wallets managed by Facebook competitors.Marcus also sounded a familiar theme for the company: if Facebook does not build the technology of the future, someone else will. Marcus mentioned multiple times that he believes the U.S. should be a leader in creating a new global currency -- something that other countries will try to do without U.S. input, he added.The company has stressed that it still has work to do on Libra, as critics have pointed out that the plans for the currency so far appear incomplete. In Marcus’s testimony, the former PayPal executive shed some light on questions about the Libra Association, saying that the proposed governing body of the new currency will elect a board and a managing director to essentially serve as a leader of Libra. Marcus also said that Facebook would institute consumer protections to prevent scams within its own digital wallet, called Calibra, including requiring a valid photo ID in order to set up an account.But those substantive exchanges were overshadowed by Facebook’s bigger issue: That its message about the benefits of a global cryptocurrency won’t hold water for regulators if the platform is fundamentally untrustworthy. Arizona Republican Martha McSally put it bluntly: “I don’t trust Facebook,” she said. “And I am not alone.”Marcus is set to take more questions about Libra on Wednesday, this time before the House Committee on Financial Services, where chairwoman Maxine Waters has been particularly disdainful about Facebook’s plans for Libra. Waters has called for the company to halt the project while Congress investigates.To contact the reporter on this story: Kurt Wagner in San Francisco at email@example.comTo contact the editors responsible for this story: Jillian Ward at firstname.lastname@example.org, Anne VanderMeyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
The cryptocurrency market took a beating on Tuesday with bitcoin losing over 10% in value after U.S. lawmakers grilled Facebook on its cryptocurrency plans, as political and regulatory scrutiny of digital coins intensifies. David Marcus, the company's top executive overseeing the planned Libra project, answered questions from the Senate Banking Committee. During the hearing, a U.S. senator said Facebook was "delusional" to believe people will trust it with their money.
A wave of quarterly reports from Netflix and other top-tier, high-growth companies starting on Wednesday will test Wall Street's willingness to extend a recent really driven by expectations of lower interest rates. Facebook , Amazon and Google-owner Alphabet , all part of the so-called FANG group of widely held stocks, have jumped over 5% so far in July, with investors increasingly willing to bet on the volatile names thanks to expectations the Federal Reserve will cut rates later this month by as much as half a percentage point to support economic growth. The FANG companies, combined with investor favorites Apple and Microsoft , account for about 17% of the S&P 500's $26 trillion market capitalisation, making reaction to their quarterly results key to Wall Street sentiment.
A wave of quarterly reports from Netflix and other top-tier, high-growth companies starting on Wednesday will test Wall Street's willingness to extend a recent really driven by expectations of lower interest rates. Facebook , Amazon and Google-owner Alphabet , all part of the so-called FANG group of widely held stocks, have jumped over 5% so far in July, with investors increasingly willing to bet on the volatile names thanks to expectations the Federal Reserve will cut rates later this month by as much as half a percentage point to support economic growth. The FANG companies, combined with investor favorites Apple and Microsoft , account for about 17% of the S&P 500's $26 trillion market capitalization, making reaction to their quarterly results key to Wall Street sentiment.
In prepared remarks for a congressional hearing, Facebook says Instagram and WhatsApp have had a greater chance to thrive after merging.
Bitcoin continued its downward spiral Tuesday as lawmakers added to regulatory fears by questioning the safety and legitimacy of cryptocurrency.
Facebook's cryptocurrency project has already been met with skepticism from policymakers around the world.
There have been three trade war truces since the US-China trade war erupted last year. Will the current trade talks be successful?
(Bloomberg) -- Peter Thiel, the technology industry’s most prominent supporter of President Donald Trump, called Elizabeth Warren the most “dangerous” Democratic presidential candidate.In a rare television interview, Thiel said Monday night that Warren, a Massachusetts senator, was the only Democrat talking about important issues like the economy.“All the others are almost equally unimpressive, in that it’s all identity politics in one flavor or another,” he told Fox News’s Tucker Carlson. “I’m most scared by Elizabeth Warren. I think she’s the one who’s actually talking about the economy, which is the only thing, the thing that I think matters by far the most.”Thiel spent most of the interview discussing the subject of a speech he gave Sunday at a conservative conference in Washington: what he called “seemingly treasonous” conduct by Google. The billionaire, who sits on the board of Facebook Inc., said the U.S. should investigate Google’s ties to China, though he offered little evidence to support those claims. In response, Google denied it works with the Chinese military.In 2016, Thiel established himself as a Silicon Valley pariah when he endorsed Trump for president. The venture capitalist donated $1.25 million to the campaign and spoke in support of Trump at the Republican National Convention. He reiterated his support of Trump in Sunday’s speech by praising the administration’s foreign policy, in particular the trade battle with China.The president reciprocated the adulation in a tweet Tuesday, calling Thiel “a great and brilliant guy.” Trump said his administration will look into Thiel’s claims that Google committed treason by working with the Chinese government.During the speech Sunday, Thiel made reference to Warren, who has advocated for breaking up big technology companies including Google and Facebook. She has said concentration of corporate power punishes small businesses and average Americans. Thiel said Google employees had donated to Warren’s campaign, suggesting “a little bit of a bad conscience.”Monday’s Fox News interview concluded with Thiel’s comments about the presidential race: “Elizabeth Warren is the dangerous one.”(Updates with Trump tweet in the sixth paragraph.)To contact the reporter on this story: Lizette Chapman in San Francisco at email@example.comTo contact the editor responsible for this story: Mark Milian at firstname.lastname@example.orgFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- President Donald Trump said he wants Attorney General William Barr to look into businessman Peter Thiel’s allegations that Google’s work with China is “seemingly treasonous.”Trump made the comments in a cabinet meeting on Tuesday after earlier saying in a tweet that Thiel is “a great and brilliant guy who knows this subject better than anyone!”“I think we’ll all look at that,” Trump said at the meeting. “We’ll see if there’s any truth” to the claim.Thiel, one of Trump’s top Silicon Valley supporters and donors, took aim at Google and the tech industry over the companies’ focus on global markets while brushing aside U.S. interests in a speech Sunday in Washington.Thiel, a Facebook Inc. board member, singled out Google for agreeing to work closely with China, trying to get its search engine back into the country, while deciding to let lapse a U.S. Defense Department contract that gave the military access to its artificial intelligence tools.A spokesman for Google said the company doesn’t work with the Chinese military but declined to comment further.Thiel argued that the kind of AI developed by DeepMind, which like Google is a subsidiary of Alphabet Inc., should be thought of as a potential “military weapon.” He then suggested Google’s actions were “seemingly treasonous,” asking whether DeepMind or Google senior management had been “infiltrated” by foreign intelligence agencies.(Updates with shares in the third paragraph.)\--With assistance from Max Chafkin.To contact the reporter on this story: Terrence Dopp in Washington at email@example.comTo contact the editors responsible for this story: Michael Shepard at firstname.lastname@example.org, Elizabeth Wasserman, Kasia KlimasinskaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Republican and Democratic Senators sharply questioned Facebook Inc.’s plan to create its own digital money, adding to a chorus of skepticism across Washington and underscoring the challenges the company faces in getting its cryptocurrency off the ground.At a hearing Tuesday before the Senate Banking Committee, lawmakers compared the social media giant to a toddler playing with matches who burns the house down, blasted it for repeatedly violating consumers’ privacy and accused the company of cheapening social discourse and polarizing America. Many expressed incredulity that Facebook would be able to safeguard people’s finances.“Do you really think people should trust Facebook with their hard earned money?” Ohio Senator Sherrod Brown, the top Democrat on the banking panel, asked. “I just think that is delusional.”Senate Banking Committee Chairman Mike Crapo, an Idaho Republican, credited Facebook for trying to build a faster and less expensive way for consumers to move money around the world, but said he was concerned about the company’s "massive reach and influence" and the vast amount of personal information it keeps.‘Get This Right’Facebook’s top executive on the project David Marcus pledged to address their concerns about the token, called Libra. "We will take the time to get this right,” he told the committee, testifying in a packed hearing room.The senators’ ire isn’t coming as a surprise to the company, which has been reeling after a series of privacy breaches and questions about its role spreading fake news in the 2016 presidential campaign. Among the critics of its crypto plans are President Donald Trump, his Treasury chief Steven Mnuchin and Federal Reserve Chairman Jerome Powell.Read More: Facebook’s Crypto Woes Deepen as Mnuchin Joins Parade of CriticsEven as the rhetoric rose, Tuesday’s hearing focused attention on how cryptocurrencies should be overseen by the federal government. At least a half dozen agencies, including the Fed, the Securities and Exchange Commission and parts of the Treasury, have some say in the matter but none has taken a lead role.Authorities across the world have been struggling to figure out how to police virtual coins, which are often used in money laundering and other criminal activities. Some such as Bitcoin have become hugely popular among speculative traders.“It’s a good idea for us to explore this because quite honestly cryptocurrency now is still kind of the wild, wild west that is not well regulated,” noted Thom Tillis, a North Carolina Republican.Bitcoin declined during the hearing, dropping as much as 8.9 percent on the day. The currency fell to $9,951.89 at 12:52 p.m. in New York. It’s down more than 16 percent this week.Protecting ConsumersMarcus said that he didn’t know which agency might oversee Libra but pledged to work with whatever regulator might step up. He also said that the decision to base the cryptocurrency operations in Switzerland was not a move to evade U.S. regulation.Marcus, who will appear before the House Financial Services Committee Wednesday, pushed back on some of the criticism, explaining that the token isn’t intended to compete with countries’ national currencies and won’t interfere with central banks’ monetary policy. Additionally, he said user data would be protected.He also stressed that Facebook is just one of dozens of companies involved in Libra, and said that its control over the coin would be limited.Defending FacebookAt least one senator -- Republican Pat Toomey of Pennsylvania -- stood up for Facebook, saying that efforts to block the Libra launch were“wildly premature” and misguided. “There are tremendous potential benefits in blockchain technology and cryptocurrencies,” Toomey said. “We should be exploring this.”Mostly, however, lawmakers chose to question Marcus about the series of scandals that have engulfed Facebook in recent years. That included the company’s agreement last week to pay some $5 billion in a record privacy settlement with the Federal Trade Commission, as well as its role in spreading pro-Trump fake news reports in the 2016 campaign.Senator John Kennedy noted that “Facebook now wants to control the money supply” and asked, “what could go wrong with that?”The Louisiana Republican hit the company particularly hard on what he said was a slow and dishonest response when it learned that Russians were using the platform to influence the presidential election. He also took Facebook to task for helping to speed the demise of journalism."Isn’t it true, and I really want your opinion, that Facebook has chosen to advance a set of values in which truthful reporting has been displaced by flagrant displays of bullshit?"Marcus replied: “I don’t know how to answer that question.”(Adds Facebook executive’s comment in fifth paragraph.)To contact the reporters on this story: Robert Schmidt in Washington at email@example.com;Ben Bain in Washington at firstname.lastname@example.org;Kurt Wagner in San Francisco at email@example.comTo contact the editors responsible for this story: Jesse Westbrook at firstname.lastname@example.org, Molly SchuetzFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Jul.16 -- David Marcus, head of Calibra at Facebook, states that he trusts Libra enough to accept his full compensation in the proposed cryptocurrency. He speaks in response to a question from Senator Sherrod Brown, ranking member of the Senate Banking Committee, a Democrat from Ohio.