Ironically: Facebook was fined $ 5 billion, Mark Zuckerberg was $ 1 billion richer

Tram Ho

Facebook has been severely punished by the US Trade Commission FTC up to more than $ 5 billion because of the Cambridge Analytica scandal, when the data of more than 50 million users has been used and they are unaware and allow .

However, surprisingly, the price of Facebook shares increased by 1% in the trading session last Friday, after the information on FTC’s punishment was made – and the person who was most excited about this information was none other. outside CEO Mark Zuckerberg, is also Facebook’s largest shareholder by holding nearly 80% of the company stock.

Trớ trêu: Facebook bị phạt 5 tỷ USD, Mark Zuckerberg giàu thêm 1 tỷ USD - Ảnh 1.

Facebook stock prices rose sharply on Friday, after falling slightly on yesterday’s trading day.

According to the financial report filed in April last year, Zuckerberg owns more than 410 million Facebook shares (410,497,115 exactly). Before news of the FTC’s punishment, at a price of $ 202.31 at 3:45 pm (Eastern American time), Mark Zuckerberg’s Facebook share was worth $ 83 billion. By 4pm, with 1% increase to 204.87 USD, these stocks are now worth 84.1 billion USD.

That means in less than 30 minutes, the stock value that Mark Zuckerberg holds has increased by 1 billion USD.

As the main shareholder of Facebook, it is not surprising that Zuckerberg is the main beneficiary of the increase in Facebook shares.

The US $ 5 billion fine imposed by the US Trade Commission FTC is due to the abuse of user data and is certainly not intended to increase assets for the company’s major shareholders.

So far, this is a record penalty of the FTC – a move to create precedent for punishing technology giants when abusing user data. However, the punishment received much criticism that it was basically a slap to Zuckerberg and this huge social network.

Trớ trêu: Facebook bị phạt 5 tỷ USD, Mark Zuckerberg giàu thêm 1 tỷ USD - Ảnh 2.

The Cambridge Analytica scandal forced Mark Zuckerberg to come to a hearing.

But why is Facebook stock soaring after getting this heavy penalty?

In fact, the scandal with Cambridge Analytica has caused FTC to pay attention to Facebook since last year. The agency then decided to expand the investigation when combined with numerous other privacy scandals related to this California tech giant.

In the face of a hard-to-avoid punishment, Facebook has planned the amount of fines to be filed in its annual financial statements – which is also the reason for the seemingly paradoxical incident. above – the fines are not much bigger than the company expected, causing investors to respond positively to that information.

Refer to Business Insider

 

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Source : Genk