Facebook stock opened at $150.13 on Thursday, down more than 30% from the high it hit in July, as the company continues to grapple with privacy scandals, fake news and a broader market selloff hitting the tech industry particularly hard.
In fact, Facebook stock is hovering around its lowest point from the days after the Cambridge Analytical data scandal came to light in March and ignited a wave of consumer and regulatory scrutiny on both sides of the Atlantic.
“For the first time, we’ve heard some grumblings from the advertiser community that the hot water that Facebook is in politically is creating some hesitation on budget allocations (for some),” Ross Sandler, an analyst with Barclays, wrote in an investor note this week.
Meanwhile, Facebook’s long awaited push into hardware this week — with a video calling device called Portal — was mired by the same user trust issues over privacy concerns that have plagued the company all year.
Adding to Facebook’s uncertainty right now: The company is making a big bet across its products on Stories, a visual format popularized by Snapchat, but one with unknown potential for advertisers.
1Google Tells U.S. Lawmakers It Is Mulling 🤔 Options on China Services
Alphabet Inc’s (GOOGL.O) Google unit has told U.S. lawmakers it was considering “a variety of options” to offer additional services in China, but declined to detail plans for addressing Chinese censorship.
The company has come under criticism after reports it was considering re-entering China’s search engine market and would comply with its internet censorship and surveillance policies.
In an Aug. 31 letter to six senators made public on Friday, Google Chief Executive Sundar Pichai said the company was “thoughtfully considering a variety of options for how to offer services in China in a way that is consistent with our mission.”
The letter was reported earlier by The Intercept, a news website. Google declined to comment.
Reuters and other outlets had reported in August that Google planned to launch a version of its search engine in China that would block some websites and search terms. The move would mark its return to a market it abandoned eight years ago on censorship concerns.
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