|Bid||202.43 x 1300|
|Ask||202.44 x 800|
|Day's Range||201.59 - 204.36|
|52 Week Range||123.02 - 218.62|
|Beta (3Y Monthly)||1.30|
|PE Ratio (TTM)||30.03|
|Earnings Date||Jul 24, 2019|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||222.97|
The top Republican on the House Financial Services committee warned his colleagues not to make Facebook a “political talking point."
Yahoo Finance’s Adam Shapiro, Julie Hyman, Scott Gamm, Jessica Smith, and Kristin Myers join TechCrunch Editor-at-Large Josh Constine to discuss.
Facebook is set to answer questions from lawmakers in Washington, D.C. again today, after facing tough questions from the Senate yesterday. Yahoo Finance's Brian Sozzi, Jessica Smith, and Alexis Christoforous discuss the hearing yesterday, and what we can expect today.
Facebook’s Libra cryptocurrency project got a second day of withering criticism on Capitol Hill on Wednesday, with one California congressman saying its potential dangers could be worse than the terrorist attacks of Sept. 11, 2001.
Abigail Disney said distressed workers told her about “foraging for food in other people’s garbage.”
T. Rowe Price saw 14 of its U.S. stock mutual funds outperform the S&P; 500\. Are you invested in any of them?
Bitcoin prices rallied slightly Wednesday, despite a member of Congress comparing Facebook's proposed Libra cryptocurrency to the Sept. 11 terror attacks.
It's not an easy feat, but Facebook managed to get leaders on both sides of the aisle to come together today to tell the social media company that nobody wants them to have their own cryptocurrency. Nobody. Cryptic Meanings Back in June, Facebook announced plans to launch its own cryptocurrency called Libra next year, and it recently launched Calibri, a new subsidiary that would create a digital wallet for the coin. But Federal Reserve Chairman Jerome Powell wasn’t so hot on the idea in a Congressional committee meeting last week, and this week hasn’t gone much easier, as David Marcus, who leads Facebook’s cryptocurrency initiative, was questioned for more than two hours. Bad Reputation The main obstacle Facebook has is, well, Facebook. After the whole Cambridge Analytica debacle, lawmakers and shareholders (many of whom have called for Mark Zuckerberg to be removed from his role as chair) are having a tough time trusting the company. Representative Maxine Waters wasn’t having it, noting “Facebook let Russia manipulate voters and put Trump in the White House. Now they want to create their own currency?” and Senator Sherrod Brown said “We would be crazy to give them a chance to experiment with people’s bank accounts, and to use powerful tools they don’t understand, like monetary policy.” Across The Aisle But it’s not just Democrats who are wary. Donald Trump isn’t into it either, and as Matthew Stoller of the Open Markets Institute noted, Libra even makes finance-friendly, deregulation types like Congressman Greg Meeks nervous. Swiss Miss Marcus was largely evasive, simply not answering questions at times, but told lawmakers that Facebook was sorry for all the previous goof-ups. And that because Libra would be based in Switzerland, the country’s data protection agency would oversee data and privacy protections. This is apparently news to Switzerland. -Michael Tedder Photo: Mike Segar / RUETERS
Facebook and Alphabet stock are good buying opportunities headed into their earnings reports, according to KeyBanc’s Andy Hargreaves. “We believe ad spending across the major internet platforms remained solid in 2Q and expect positive results in the space,” he wrote.
The EU's Amazon probe is part of a global regulatory and political push v. Big Tech, also including Facebook, Google, Apple. Investors should take threats to their business models seriously.
While Facebook set the middle of 2020 as the Libra Cryptocurrency's launch date, many people think that the deadline might be too aggressive.
Bitcoin hasn't been the only casualty of the backlash by the world's major economic powers against Facebook's plans for a cryptocurrency, with smaller digital coins also feeling the burn. Bitcoin has slumped around 30% from 18-month highs of nearly $14,000 touched after Facebook's move, following a growing chorus of concern among regulators and politicians from the United States to Europe at the social media giant's plans. The third largest, Ripple's XRP , is down by around 40%, while Litecoin and Bitcoin Cash have slumped by 40% and 42% respectively.
(Bloomberg) -- Alexandria Ocasio-Cortez is asking Facebook Inc.’ David Marcus about the Libra Association: how it was compiled, how it will manage the reserve, etc. It’s a tough issue because the association is really just an idea at this point. There are members, but no charter, no one has paid membership dues.Ocasio-Cortez references previous instances of people being paid in corporate-controlled currency, known as "scrip" \-- a very dark history there.Company scrip is a company-controlled currency. Back in the day, if you worked for Acme Co., you lived in Acme housing and shopped at the Acme store with Acme-issued “dollars.” In “company towns” where one firm employed most of the working population, there would be only company stores.Often, workers had to buy work tools, groceries and everything else with scrip at the company store, and often at higher prices than they could afford, leading to a cycle of debt.It’s now illegal to pay workers this way.In 1955, Tennessee Ernie Ford had a hit with the song “Sixteen Tons,” whose coal-mining narrator lamented:“Saint Peter don’t call me ‘cause I can’t go/I owe my soul to the company store.”For more on Facebook’s Marcus Testifies on Libra Before House Panel, click here for our TOPLive blog.To contact the reporters on this story: Kurt Wagner in San Francisco at email@example.com;Austin Weinstein in New York at firstname.lastname@example.org;Steven T. Dennis in Washington at email@example.comTo contact the editor responsible for this story: Tal Barak Harif at firstname.lastname@example.orgFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Yesterday, Facebook’s (FB) David Marcus, head of Facebook’s Calibra wallet, visited Capitol Hill to testify in front of the Senate Banking Committee.
(Bloomberg) -- Facebook Inc. took a beating for a second straight day over its controversial cryptocurrency plans as Democratic lawmakers argued the proposal posed vast privacy and national security risks.At a Wednesday hearing before the House Financial Services Committee, Chairwoman Maxine Waters compared Facebook to Wells Fargo & Co. and Equifax Inc., two scandal ridden companies that have come under scrutiny for harming consumers. If Facebook issues its Libra token, she added, the company will “wield immense power that could disrupt” governments and central banks.California’s Waters and other committee Democrats have crafted legislation to bar the company from proceeding with the coin until it can be properly vetted. In his testimony, Facebook executive David Marcus reiterated that the company won’t go ahead ahead with the cryptocurrency until regulators and governments across the world are satisfied. Democrats, however, were unmoved.Still, Marcus found more friends in the House than he did Tuesday in front of the Senate Banking Committee, giving some hope that Facebook could weather the political storm it unleashed a few weeks ago when it announced its Libra plans. One Republican on the financial services panel called the digital money idea brilliant, while others said they worried their Democratic colleagues were trying to stifle progress and thwart vital financial technology.“Washington must go beyond the hype and ensure that it’s not the place where innovation goes to die,” said Representative Patrick McHenry, the panel’s highest-ranking Republican. While saying he was appropriately skeptical of Facebook’s proposal, North Carolina’s McHenry urged lawmakers to move beyond making the company a political whipping boy.@RepMaxineWaters says of Facebook, and its plan to launch Libra Watch LIVE https://t.co/fdm5CaESeG— Beth Ponsot (@bponsot) July 17, 2019 “Change is here. Digital currencies exist,” he said. “And Facebook’s entry in this new world is just confirmation.”Read More: Big Tech Is Taking a Bipartisan Beating All Over WashingtonIt hasn’t been an easy few weeks for Facebook and its cryptocurrency project. Ahead of its Capitol Hill grillings, President Donald Trump took to Twitter to lambaste Libra, while Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin indicated that the company would have a tough time satisfying a slew of regulatory issues.A parade of senators from both parties criticized Facebook at Tuesday’s Senate Banking hearing, saying the company can’t be trusted to handle consumers’ financial transactions. Much of the day focused on Facebook’s missteps involving privacy breaches and allowing Russian propaganda designed to influence the 2016 presidential election on its platform.Despite the outcry, it would be difficult for Congress to block Facebook’s plans. U.S. lawmakers haven’t passed any significant laws on cryptocurrencies, and no federal agency has established itself as the primary overseer for virtual coins. At least half a dozen regulators including the Securities and Exchange Commission, the Commodity Futures Trading Commission and parts of the Treasury Department have claimed some turf.Read More: Why Everybody (Almost) Hates Facebook’s Digital CoinIn his House testimony Wednesday, Marcus again said the company knew it was only “at the beginning of this journey” and was eager to get input from governments, central banks and others across the globe. The digital money operations are being headquartered in Switzerland.“We expect the review of Libra to be among the most extensive ever,” he said. “We are fully committed to working with regulators here and around the world.”But his refusal to agree to the moratorium proposed by Democrats, or even a pilot program that would test how Libra functions before a full-scale launch, enraged Carolyn Maloney, a New York Democrat whose constituency includes many Wall Street bankers. “You’ve breached the trust of users over and over again,” she said, adding that lawmakers should consider halting the project.Under questioning, Marcus alluded to the regulatory gray area that its digital coin could occupy.He told the panel that Facebook doesn’t consider the token to be a security or an exchange-traded fund, meaning it would not be regulated by the SEC. And though he said Libra may be seen as a commodity under current law, its oversight is still an open question. “We believe it is a payment tool,” Marcus said.Read More: Facebook Spurs Washington to Confront Its Crypto DitheringFacebook is currently talking to the Swiss financial regulator as well as the Group of Seven about what rules might apply, he added. Among the issues that are being addressed: privacy concerns, money laundering, terrorism finance and any potential impact on sovereign currencies.Marcus also sought to downplay Facebook’s leading role in the project, noting that it would be just one of dozens of corporations involved. However, he acknowledged that thus far the social media giant was the only company to have spent money or developed the technology for the project.Republicans on the panel generally argued that it was premature for Congress, or regulatory agencies, to clamp down on Libra. The government, they noted, shouldn’t get in the way of private sector progress.“This is absolutely brilliant,” Representative Sean Duffy, a Wisconsin Republican, told Marcus. “I was shocked at how bright it was.”(Adds details on hearing throughout.)To contact the reporters on this story: Ben Bain in Washington at email@example.com;Robert Schmidt in Washington at firstname.lastname@example.orgTo contact the editors responsible for this story: Jesse Westbrook at email@example.com, Molly SchuetzFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.