Facebook ETFs Down Despite Zuckerberg Apology

Facebook stock is down 1.8% – so are the top 10 ETFs with Facebook exposure – as the company remains under criticism for the recent Cambridge Analytica scandal. The data mining obtained information on more than 50 million of its users without permission.

The top 10 ETFs with Facebook exposure are all down Thursday as of 2 p.m. Eastern time (Data from Yahoo Finance).

10 ETFs with Facebook exposure still down

  • Global X Social Media Index ETF (SOCL) with 8.85% weighting down 1.48%.
  • iShares U.S. Technology ETF (IYW) with 7.82% weighting down 1.69%.
  • Entrepreneur 30 Fund (ENTR) with 7.68% weighting up 1.30%.
  • First Trust Dow Jones Internet Index(FDN) with a 7.28% weighting down .1.95%.
  • PowerShares NASDAQ Internet Portfolio (PNQI) with a 6.86% weighting down 1.14%.
  • Technology Select Sector SPDR Fund (XLK) with a 6.84% weighting down 1.29%.
  • Vanguard Information Technology ETF (VGT) with a 6.34% weighting down 1.12%.
  • Fidelity MSCI Information Technology Index ETF (FTEC) with a 6.33% weighting down 1.12%.
  •  SPDR MFS Systematic Growth Equity ETF (SYG) with a 6.26% weighting down 1.72%.
  •  iShares North American Tech ETF (IGMwith a 5.97% weighting up 1.19%.

The company is facing a lawsuit, Congressional hearings, a probe by the Federal Trade Commission (FTC) and a $6.2 billion tax increase proposal by the European Union. Politicians on both sides of the Atlantic have asked Zuckerberg to testify before their legislative bodies.

Mark Zuckerberg apologized for the recent Facebook scandal telling CNN’s Laurie Segall in an exclusive TV interview on Anderson Cooper 360, “This was a major breach of trust, and I’m really sorry that this happened. We have a basic responsibility to protect peoples’ data.” When asked if he was willing to testify before Congress, Zuckerberg said: “The short answer is I’m happy to if it’s the right thing to do.”

Peter Kenny, senior market strategist at Global Markets Advisory Group, told Yahoo Finance, “There’s no question that what we’re seeing evolve in the market in terms of the tech sector could spell long-term trouble for the sector and the broader market. Primarily because issues being brought to bear are so fundamental to the trust factor that is the underpinning the social contract with these companies.”

British computer scientist Tim Berners-Lee, the inventor of the world wide web, tweeted,““The problems we see today are bugs in the system,” Berners-Lee wrote. “Bugs can cause damage, but bugs are created by people, and can be fixed by people.” Berner-Lee believes Facebook can redeem itself and that there is still hope if we can learn to respect one another and our personal data.

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The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.