The top 10 Facebook ETFs react as Zuckerberg, 33, is scheduled to testify to lawmakers on Tuesday and Wednesday.
Monday, Facebook will begin alerting the 87 million users whose data may have been harvested by Cambridge Analytica. The company plans to post a link at the top of users’ news feeds that will allow them to see which apps are connected to their Facebook accounts that way there is more transparency.
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“As part of this process we will also tell people if their information may have been improperly shared with Cambridge Analytica,” the company said last week.
ETFs with Largest Exposure to Facebook All Up
- Global X Social Media Index ETF (SOCL) with 8.85% weighting up 1.23%.
- iShares U.S. Technology ETF(IYW) with 7.82% weighting up 2.2%.
- Entrepreneur 30 Fund (ENTR) with 7.68% weighting up 1.45%.
- First Trust Dow Jones Internet Index (FDN) with a 7.28% weighting up 1.72%.
- PowerShares NASDAQ Internet Portfolio (PNQI) with a 6.86% weighting up 1.62%.
- Technology Select Sector SPDR Fund (XLK ) with a 6.84% weighting up 2.12 %.
- Vanguard Information Technology ETF (VGT) with a 6.34% weighting up 2.06%.
- Fidelity MSCI Information Technology Index ETF (FTEC) with a 6.33% weighting up 2.05%.
- SPDR MFS Systematic Growth Equity ETF (SYG) with a 6.26% weighting up 1.47%.
- iShares North American Tech ETF (IGM) with a 5.97% weighting up 2.06 %.
According to the Washington Post, Scott Stringer, New York City’s comptroller and custodian of the city’s $193 billion pension fund, which holds $895 million in Facebook stock, wrote a letter recently pushing Facebook to add three new independent directors and replace Zuckerberg with an independent chairman, among other things.
“Part of my fiduciary role is to ask questions of this company as it relates to issues they’re facing,” said Stringer in an interview Thursday about his letter. Regarding the Cambridge Analytica scandal, he said, “there’s regulatory risk. There’s revenue risk. There’s reputational risk. And there’s also a genuine risk to our democracy.”
The controversy has renewed questions about whether the world’s largest social media platform does enough to protect the sensitive information it collects from users on its platform.
On Monday, Facebook will begin informing those users who were impacted by the data grab, and Facebook CEO Mark Zuckerberg is scheduled to testify to lawmakers on Tuesday and Wednesday.
“For the first decade, we really focused on all the good that connecting people brings,” a contrite Zuckerberg said in a rare media call last week. “But it’s clear now that we didn’t do enough. We didn’t focus enough on preventing abuse and thinking through how people could use these tools to do harm as well. That goes for fake news, foreign interference in elections, hate speech. … We didn’t take a broad enough view of what our responsibility is, and that was a huge mistake. It was my mistake. But it’s clear now that we didn’t do enough.”
Facebook shares are down 19% from an early February high.