Facebook Inc shares rose on Tuesday to their highest in almost three weeks as Chief Executive Mark Zuckerberg fended off questions from U.S. senators on how the social network handles user data and plans to counter attempts at interfering in U.S. elections, APA reports quoting Reuters.
Zuckerberg repeated his apologies made on Monday for a range of problems that have beset the world’s largest social network, but the 33-year-old Internet mogul broke little new ground in a joint hearing of the U.S. Senate’s Commerce and Judiciary committees, raising investor hopes he could forestall strict regulation.
“We are going through a broad philosophical shift at the company,” said Zuckerberg, wearing a dark suit and tie instead of his typical T-shirt and jeans.
Investors appeared to welcome his performance.
“Zuckerberg is conciliatory in his presentation,” said Mariann Montagne, portfolio manager at Gradient Investments in Arden Hills, Minnesota. “The stock is running up on his comments. Maybe people like seeing Zuckerberg in a suit.”
Facebook shares closed up 4.5 percent at $165.04.
Outside the U.S. Capitol building, online protest group Avaaz set up 100 life-sized cutouts of Zuckerberg wearing T-shirts with the words socials begin.