The Federal Trade Commission is investigating Facebook’s privacy practices and ETFs with Facebook in them, which took a big hit, are finally recovering. Facebook said in a statement on Monday that the company remains “strongly committed” to protecting people’s information.
Here’s a look at the top 10 ETFs with the largest Facebook exposure. Data comes from Yahoo Finance at 12:30 p.m. Eastern time.
“The FTC takes very seriously recent press reports raising substantial concerns about the privacy practices of Facebook. Today, the FTC is confirming that it has an open non-public investigation into these practices,” said Tom Pahl, acting director of the FTC’s Bureau of Consumer Protection.
What’s Next for Facebook?
Many are wondering how Facebook’s data scandal will affect the market and if Facebook will remain a strong contender for the social media sphere. “This is a big deal. … The privacy violations there are significant,” Republican Senator Jeff Flake told CNN. “The question is, who knew it? When did they know it? How long did this go on?”
According to the The The Motley Fool, “It’s too early to know if the events over the past week will haunt Facebook materially in the near future. If advertisers freak out or users follow through on the #deletefacebook threat, there will be a near-term hiccup. Facebook’s saving grace is that there’s no one close to it as a social network in terms of breadth of users. Folks go where the people are, and for now the networking effect is still in Facebook’s corner.”