Technology stocks continued to rise on Wednesday as the Nasdaq Composite was up 3% at market close, marking its best day since October 25. But the recovery did not help much Facebook. It only increased by 1.3%.
Facebook has struggled to come back from a series of scandals that have continued to unfold about the company's practices in protecting customers' data and preventing the spread of misinformation about its platform. Just a day earlier, a Facebook official had testified before representatives of nine parliaments about his practices, according to which a Canadian lawmaker had suggested breaking Facebook. Later, a former FTC official claimed that Facebook had even misled representatives during the testimony.
Also on Tuesday, a former employee issued a note stating that "Facebook has a problem with blacks". On Wednesday, the company announced that it was investing $ 1 million in a non-profit program offering free computer classes to women and minorities.
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