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Facebook shares dip as Wall Street ponders Australia news fallout

Along with Google owner Alphabet, it now controls more than half of the digital advertising markets globally

Facebook shares dip as Wall Street ponders Australia news fallout
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Facebook has flagged commercial risks around copyright and content moderation consistently to investors in recent years, while successfully riding out the public relations fallout as its advertising revenue surged

Reuters
Facebook Inc shares slipped around 1% on Thursday as Wall Street assessed the wider ramifications of its move to block all news content in Australia.
 
The surprise escalation of the battle over a law which would require Facebook and Google to reach deals to pay news outlets was denounced by media, politicians and human rights groups as it became clear that official health pages and emergency warnings had been scrubbed along with news sites.
 
Bernstein analyst Mark Shmulik, however, said investors were likely to judge Facebook's stand against the legislation as "prudent", given the potentially wider implications of similar moves

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First Published: Feb 18 2021 | 9:48 PM IST

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