Shares of Facebook Inc. fell 5% Friday to their lowest level in almost three months after the unexpected departure of product manager Chris Cox at a time when the company is once again closely scrutinized to manage the respect of privacy, extremism and political content. .
REUTERS: Shares of Facebook Inc. fell 5% on Friday to their lowest level in nearly three months after Chris Cox, Product Manager's surprise departure, at a time when the company is once again being put to the test on his management of privacy, political content.
Cox, a Wall Street favorite who worked for 13 years with Facebook founder Mark Zuckerberg, led the social network's business development team and helped define the business model for his WhatsApp messaging service.
"We believe that Cox played a crucial role in establishing FB's mission, values and culture, and was extremely well regarded both inside and outside of society. , including by Wall Street, "JPMorgan analysts wrote in a research note.
WhatsApp Vice President Chris Daniels also took office, adding to a series of recent major departures from Facebook's product and communications teams.
Facebook, Twitter and Google were also facing another round of public discussions on extremist content on their platforms on Friday, after video footage of mass-shootings in New Zealand was broadcast live and widely shared online.
"The live broadcast of the New Zealand shootings will certainly pose more regulatory and monitoring issues for Facebook, and it has also provided a platform for today's dreadful attack and will undoubtedly challenged to facilitate its spread, "said Clement Thibault, an analyst at the global financial markets platform Investing.com.
The gunman, who took part in the attacks that killed 49 people in New Zealand, posted a live recording of the attack on one of the mosques on Facebook, which led to calls for more information. increased moderation of content by the social network.
British Interior Minister Sajid Javid said that social media companies should take steps to end extremism on their chains after Friday's shooting.
"You really have to do more with @YouTube @Google @facebook @Twitter to prevent the promotion of violent extremism on your platforms," wrote Javid on Twitter.
The social media companies announced that they would delete the contents of the massacres, which were put online as the attack unfolded.
Facebook has invested heavily to eliminate fake content from its platform and has hired thousands of employees to moderate content and suspended hundreds of suspicious accounts in different countries.
The company's shares fell 2.5% to 165.83 USD during trading at noon.
(Report by Supantha Mukherjee in Bengaluru, edited by Patrick Graham and Bernard Orr)