Facebook stock rallies

Shares of Facebook were up 3.6%, and climbing, as CEO Mark Zuckerberg gets grilled by lawmakers on Capitol Hill.

Ahead of the joint hearing of the Senate Commerce and Judiciary committees regarding Facebook’s ongoing privacy scandal stemming from the firm Cambridge Analytica, shares were up 2%. Once Zuckerberg arrived at the US Capitol, shares rallied to fresh session highs.

Zuckerberg’s appearance comes in the wake of a string of scandals – most recently from Cambridge Analytica improperly obtaining the personal data of as many as 87 million users, but also the intense blowback the company has faced over fake news and its role in Russian interference in American elections.

Since the scandal first hit equity markets on Monday, March 19, Facebook’s stock price has declined by more than 10%, costing Zuckerberg $US11 billion of wealth.

You can follow Business Insider’s live coverage from the hearing here>>

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