Facebook announces $6bn buyback plan

Facebook is to buy back up to $6bn (£4.8bn) worth of its own shares to satisfy investors waiting on payouts from bets on new technologies made by the social media company. The company – which is valued at $338bn – is sitting on a war chest of $26bn from the boom in online advertising and shareholders have complained this is not being put to good use. The announcement of the buyback – which will start in the first quarter of next year – sent Facebook shares up 1pc in after-hours trading in the US.