Mark Zuckerberg’s conference call with reporters aims to calm down the markets

Shares of Facebook (NASDAQ:FB) gained around 2% in pre-market trading on
Thursday, after CEO Mark Zuckerberg held a conference call with reporters after the prior session’s close. Facebook CEO says he remains right person to lead company despite privacy scandal. “When you’re building something like Facebook that is unprecedented in the world, there are going to be things that you mess up,”
Zuckerberg said, adding that the important thing was to learn from
mistakes.

Shares in Facebook closed down 0.6% on Wednesday to $155.10. They have tumbled more than 16% since the Cambridge Analytica scandal broke. Other tech companies have improved their standing for a bit: Facebook (O:FB), Amazon (O:AMZN), Alphabet (O:GOOGL), Netflix (O:NFLX) – collectively known as the “FANG” group – were up between 1% and 3%.

“Knowing what I know today, clearly we should have done more,” said CEO of Facebook.

Facebook was taking steps to restrict which personal data is available to third-party app developers, he said, and it might take two more years to fix Facebook’s problems.

Sources: 

https://www.ft.com/content/eacc29fa-38b6-11e8-8eee-e06bde01c544

https://www.investing.com/news/economy-news/top-5-things-to-know-in-the-market-on-thursday-1379422

https://www.investing.com/news/technology-news/facebook-to-revise-terms-of-service-to-include-more-privacy-language-1378160