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Facebook Stock Price Hits All Time High Despite Controversies

Facebook Stock Price Hits All-Time High Despite Controversies

By Indo-Asian News Service | Updated: 7 July 2018 10:19 IST

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Despite the massive Cambridge Analytica data scandal and a couple of users' privacy issues owing to internal bugs, Facebook stock closed at an all-time record high of $203.23 (roughly Rs. 14,000) on Friday.

Investors are loving the social network more than ever that saw its stocks dipping earlier in 2018 when it was under an intense probe over data breach from the US and European governments, Fortune reported.

Investors are also happy at the news that Facebook has grabbed its biggest sports streaming deal yet with the Premier League.

The Times reported that Facebook has won exclusive rights to show all 380 live matches in parts of Asia -- Thailand, Vietnam, Cambodia and Laos -- from 2019 until 2022, in a deal worth about $264 million (roughly Rs. 1,815 crores).

Since going public in 2012, Facebook has seen its stock rise more than 400 per cent.

In the latest privacy goof-up, Facebook admitted that over 800,000 users were affected by a bug on its platform and Messenger that unblocked some people the users had blocked.

The bug was active between May 29 and June 5 -- and while someone who was unblocked could not see content shared with friends, they could have seen things posted to a wider audience, said Facebook.

Facebook has already been grappling with privacy issues like the Cambridge Analytica data scandal involving 87 million users and another bug that changed 14 million users' privacy setting defaults to public.

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