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Facebook Stock Hit an All-Time High amid Data Privacy Issues

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Facebook stock touched an all-time high

Facebook (FB) stock soared and reached a fresh 52-week high of $203.64 on July 6. The stock ended the day 2.47% higher at $203.23. Facebook stock returned 36.56% in the trailing year. The stock rose 6.21% in the trailing month and 3.57% in the trailing five-day period.

The move pushed the social media giant’s market value to nearly $590 billion and made Facebook CEO Mark Zuckerberg the third wealthiest person, according to the Bloomberg Billionaires Index.

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Zuckerberg’s net worth

Thanks to Facebook stock, Zuckerberg is third on the Bloomberg Billionaires Index after Amazon (AMZN) founder and CEO Jeff Bezos and Microsoft (MSFT) founder Bill Gates. Bezos and Gates have a net worth of $142 billion and $94.2 billion, respectively. Zuckerberg’s net worth is $81.6 billion—just ahead of Berkshire Hathaway (BRK.A) billionaire Warren Buffett, whose net worth is $81.2 billion.

Facebook’s rise amid data scandal

Facebook stock reached a new high on Friday. The stock recovered significantly from March when the company was hit by a data leak scandal. The scandal took down Facebook shares to a 52-week low of $149.02. In March, Facebook was allegedly blamed for sharing the personal information of ~87 million users with data analysis firm Cambridge Analytica. The data were used to influence the outcome of the US presidential election in 2016. Facebook’s data leak issue led lawmakers to question its data sharing policies. The FBI, U.S. Securities and Exchange Commission, Federal Trade Commission, and the Department of Justice are investigating Facebook’s policies and the disclosures about the incident.

However, the data breach issue and other recent events related to fake Russian accounts haven’t seemed to impact investors, according to the company’s growing user base. Amid the data leak scandal, Facebook’s daily active users touched 1.45 billion, while monthly active users reached 2.2 billion in the first quarter.

Facebook has been working to make its platform more secure since the Cambridge scandal. The company has suspended many malicious accounts and changed its Newsfeed to safeguard its users. The company is also investing in hiring employees to check for fake news.

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