Facebook to repurchase additional $9 billion of shares

Facebook will buy back an additional $9 billion of its shares, as it looks to pacify investors following a slump in its stock, reported Reuters.

The social media giant’s shares, which have tumbled more than 22 percent this year, rose nearly 1 percent in extended trading.

The new programme is in addition to a share buyback plan of up to $15 billion announced by the company last year, the report said.

Facebook is being investigated by lawmakers in Britain after consultancy Cambridge Analytica, which worked on Donald Trump’s US presidential campaign, obtained personal data of 87 million Facebook users from a researcher.

Concerns over the social media giant’s practices, the role of political adverts and possible foreign interference in the 2016 Brexit vote and US elections are among the topics being investigated by British and European regulators, said Reuters.


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