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In effort to scoop up shares, Facebook expands buyback plan by $9 billion

Facebook shares have slid more than 30 per cent in the past few months amid heightened scrutiny of the company and a bruising stock market

AFP | PTI  |  San Francisco 

Facebook adds $9 billion to share buyback effort

said Friday it would add $9 billion to its stock buyback program, which could scoop up shares pummelled over the past few months by privacy scandals and a slump on Wall Street.

In a regulatory filing, the leading social network said it added to a $15 billion share repurchase program began in 2017.

shares have slid more than 30 percent in the past few months amid heightened scrutiny of the company and a bruising

The repurchase program "does not have an expiration date," the filing said, adding that shares may be repurchased on the open market or through privately negotiated transactions.

has become the world's biggest social network with more than two billion users, but has drawn scrutiny in the US and elsewhere over privacy practices and manipulation of its platform.

The Facebook application has fallen out of favour among young audiences in the US, according to surveys, but its image-sharing application has taken up some of that slack.

Facebook also operates the and Messenger applications, each with more than a billion users, and sells Oculus virtual reality gear. This year it launched a video chat device called Portal.

First Published: Sat, December 08 2018. 04:55 IST
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