Wall Street sends a clear message to Facebook

News October 25, 2021 News
Wall Street sends a clear message to Facebook

From CNN | Business by Paul R. La Monica, CNN Business

The release of "The Facebook Papers" is a huge black eye for the social media company, one that could lead to even more calls from regulators and politicians in Washington to break up Facebook.

"The Facebook Papers" are a trove of internal Facebook documents based on disclosures made to the Securities and Exchange Commission and provided to Congress by whistleblower Frances Haugen's legal counsel. The redacted versions were obtained by a consortium of 17 news organizations, including CNN.

Wall Street is clearly sending a message to Facebook: Investors are displeased with the company's direction. Shares have pulled back from their all-time highs. The stock fell 5% this past Friday alone and is now more than 15% below the peak price it hit earlier this year.

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