Face­book adds $9bn to share buy­back ef­fort

Muscat Daily - - BUSINESS -

Face­book said on Fri­day it would add US$9bn to its stock buy­back pro­gramme, which could scoop up shares pum­meled over the past few months by pri­vacy scan­dals and a slump on Wall Street.

In a reg­u­la­tory fil­ing, the lead­ing so­cial net­work said it added to a US$15bn share re­pur­chase pro­gramme be­gan in 2017.

Face­book shares have slid more than 30 per cent in the past few months amid height­ened scru­tiny of the com­pany and a bruis­ing stock mar­ket.

The re­pur­chase pro­gramme ‘does not have an ex­pi­ra­tion date’, the fil­ing said, ad­ding that shares may be re­pur­chased on the open mar­ket or through pri­vately ne­go­ti­ated trans­ac­tions.

Face­book has be­come the world’s big­gest so­cial net­work with more than 2bn users, but has drawn scru­tiny in the US and else­where over pri­vacy prac­tices and ma­nip­u­la­tion of its platform.

The Face­book ap­pli­ca­tion has fallen out of favour among young au­di­ences in the US, ac­cord­ing to sur­veys, but its In­sta­gram app has taken up some of that slack.

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