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5 Sep 2018

JUST IN: Shares Of Twitter And Facebook Drop As Companies' Executives Testify To Senate

Shares of social media companies are feeling the heat on Wednesday morning as executives from Facebook and Twitter face a grilling in Congress.

An hour after the opening bell:
•Twitter shares are down 6.2 per cent
•Facebook shares are down 1.5 per cent
•Google parent Alphabet shares are down 2.27 per cent
•Snapchat parent Snap shares are down 4.15 per cent

The declines come as the first of two tech-focused hearings get under way on Capitol Hill.

The first, before the US Senate intelligence committee, is intended to examine social media companies’ response to alleged Russian interference in the 2016 presidential election.
The second, set to begin this afternoon before the US House of Representatives energy and commerce committee, will focus on Twitter’s transparency and accountability.

The hearings come amid increasing scrutiny on social media ahead of the midterms elections, both in terms of what they are doing to address foreign efforts to influence American voters and — after a volley of criticism from US President Donald Trump — how they treat different political voices on their platforms.



Source: Financial Times

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