FB - Facebook, Inc.

NasdaqGS - NasdaqGS Real Time Price. Currency in USD
-1.38 (-0.68%)
As of 3:35PM EDT. Market open.
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Previous Close201.80
Bid200.96 x 900
Ask201.07 x 1400
Day's Range199.38 - 202.46
52 Week Range123.02 - 218.62
Avg. Volume17,319,733
Market Cap572.111B
Beta (3Y Monthly)1.30
PE Ratio (TTM)29.75
EPS (TTM)6.74
Earnings DateJul 24, 2019
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target Est222.97
Trade prices are not sourced from all markets
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  • Libra launch won't happen until regulators are happy - Coeure
    Reuters5 hours ago

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    Global regulators will not let Facebook launch its Libra currency until all their concerns, ranging from money laundering to financial stability, have been addressed and "a prolonged discussion" may be needed first, the man in charge of their response told Reuters. Facebook announced Libra -- a new digital coin backed by four official currencies and available to billions of social network users around the world -- a month ago, adding that it was hoping to launch as soon as next year. Benoit Coeure, the European Central Bank board member who chairs an international working group on Libra, said Facebook's global reach meant the cryptocurrency had to be safe "from day one" for its users, the financial system and authorities fighting crime.

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  • Is Facebook a Bank? Congress Pushes for Answers on Crypto Foray
    Bloomberg20 hours ago

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    (Bloomberg) -- After surviving a two-day battering on Capitol Hill, now comes the hard part for Facebook Inc.: turning its 12-page white paper into a legitimate cryptocurrency in the face of deep skepticism from central banks, regulators and politicians of all stripes.David Marcus, the Facebook executive leading its blockchain efforts, spent much of his time at congressional hearings this week apologizing for the past mistakes of his employer. When he wasn’t defending Facebook, Marcus tried to explain how Libra -- the proposed currency -- would actually work. He said repeatedly that he wants to work with Congress and regulators to get Libra off the ground, and has no plans to debut the new currency before regulatory bodies are satisfied.“Nothing is launched and nothing will launch until all concerns are addressed,” Marcus said Wednesday. He reiterated a version of that promise over and over during more than six hours of testimony in Washington this week before members of the House Financial Services Committee and the Senate Banking Committee.Still, large existential questions remain about the project, including who or what will be regulating Libra. Marcus said it was not his place to decide who Libra’s regulator would be, though he appeared to reject the idea that Facebook should be treated like a bank. Marcus denied that the company would offer banking services, and also argued that he doesn’t believe Libra is a security that should fall under the Securities and Exchange Commission.Those issues are unlikely to be resolved soon, since the Libra currency doesn’t yet exist; and the Libra Association, the governing body made up of Facebook and other institutional partners that will be charged with overseeing the currency, has yet to be fully formed.The 28 companies that currently make up the association have not yet drafted a charter, and still must appoint a board and a general manager. Libra will also face additional concerns from international regulators and lawmakers, which could further delay its progress.In the meantime, two people familiar with Facebook’s cryptocurrency plans say the hearings did not give the company any immediate reason to change course.The people, who asked not to be identified because the planning is private, also said that Facebook’s team hoped that other members of the Libra Association would be more active in conversations with the media and with regulators. Of the group’s 28 “founding” members, including PayPal Holdings Inc., Visa Inc. and Uber Technologies Inc., Facebook is the only one that testified before Congress, and is by far the company most closely associated with the effort.Over the course of the hearings, a few central questions emerged. Here’s what we know now about how Facebook and the Libra Association will try to answer them in the coming months.1\. What is Libra, exactly?The coin’s legal classification remains murky, which could pose challenges for federal watchdogs eager to slide the token into the U.S.’s existing regulatory regime.Some observers have argued that Libra resembles a mutual fund or exchange-traded fund that is based on an index, an investment that would be regulated by the SEC. Labeling Libra a similar product could provide policy makers the hook they need to police the coin, while also giving regulators a mechanism to slow the project down as Facebook goes through a lengthy SEC approval process.At Wednesday’s hearing, Marcus insisted the coin is a just “payment tool” or maybe a commodity that shouldn’t be subject to the SEC’s rules.2\. Is Facebook getting into banking?Marcus went to great lengths in his Senate and House testimony to insist that the company was not. There won’t be bank accounts; holders of Libra won’t be earning interest; and Facebook won’t be taking deposits, he told lawmakers.“It’s like digital cash,” Marcus said. One reason Facebook wants to stay away from these activities is that they would require a federal banking charter. That would open the company up to much stricter oversight, likely by the Office of the Comptroller of the Currency and the Federal Reserve. The company would face many new, costly regulatory requirements like capital standards and stepped-up disclosures. It would also be subject to monitoring by government examiners.3\. Why is the Libra Association headquartered in Switzerland?This was a very popular question from members of both the House and Senate. Lawmakers raised concerns that Facebook set up the Libra Association in Switzerland to avoid U.S. regulations. Marcus said that was not the case, and said that the location of Libra’s headquarters had “nothing to do with us evading our responsibilities.”Marcus said that Switzerland offered Libra an “international platform” so that it would be recognized globally, and noted that Switzerland is home to other global institutions, like the World Trade Organization.4\. How will Facebook make money from this?In the short term, Marcus says Libra will improve Facebook’s advertising business by increasing the amount of commerce that happens through Facebook’s products. If more people have digital wallets, they may be more likely to make purchases through Facebook or its other properties, like Instagram or Messenger. That, Marcus says, makes Facebook’s ads more valuable because it gives marketers more incentive to reach users with money at their disposal.Marcus also said that it’s possible Facebook could one day offer financial services, including, potentially, loans, but that those products would be done through partnerships with an existing bank, allowing the company to avoid opening a bank of its own.5\. What, if anything, can Congress actually do to stop Libra?While both chambers of Congress are clearly concerned, whether or not they will pass any legislation that would affect the project is less clear. House Financial Services Committee Chairwoman Maxine Waters, a California Democrat, discussed a bill that would bar large tech platforms from being financial institutions -- possibly blocking Libra -- though it’s unclear how much support such a proposal would garner.Other lawmakers discussed creating a regulator just for digital currencies or using broader data privacy legislation to address Libra. But so far, there’s no consensus on a resolution. As Congress nears its August recess, it’s unlikely any of those issues will be addressed quickly.\--With assistance from Austin Weinstein, Ben Bain and Robert Schmidt.To contact the reporters on this story: Kurt Wagner in San Francisco at kwagner71@bloomberg.net;Julie Verhage in New York at jverhage2@bloomberg.netTo contact the editors responsible for this story: Jillian Ward at jward56@bloomberg.net, Anne VanderMey, John HarneyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

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  • Dems pan 'Zuck buck,' want Facebook to rein in currency plan
    The Canadian Press22 hours ago

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    Facebook endured a second day of criticism from Congress over its plan to create a digital currency as senior House Democrats asked Facebook to scale back the project and threatened legislation that would block big tech companies from getting into banking. Facebook's massive market power and its record of scandals, fines and privacy breaches were on trial at a hearing Wednesday of the House Financial Services Committee. "I think you're pretty low on the trust spectrum right now, and understandably," Rep. Vicente Gonzalez, D-Texas, told David Marcus, the Facebook executive leading the project.

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  • No One Wants Facebook To Have Its Own Cryptocurrency

    No One Wants Facebook To Have Its Own Cryptocurrency

    It's not an easy feat, but Facebook managed to get leaders on both sides of the aisle to come together today to tell the social media company that nobody wants them to have their own cryptocurrency. Nobody. Cryptic Meanings Back in June, Facebook announced plans to launch its own cryptocurrency called Libra next year, and it recently launched Calibri, a new subsidiary that would create a digital wallet for the coin. But Federal Reserve Chairman Jerome Powell wasn’t so hot on the idea in a Congressional committee meeting last week, and this week hasn’t gone much easier, as David Marcus, who leads Facebook’s cryptocurrency initiative, was questioned for more than two hours. Bad Reputation The main obstacle Facebook has is, well, Facebook. After the whole Cambridge Analytica debacle, lawmakers and shareholders (many of whom have called for Mark Zuckerberg to be removed from his role as chair) are having a tough time trusting the company. Representative Maxine Waters wasn’t having it, noting “Facebook let Russia manipulate voters and put Trump in the White House. Now they want to create their own currency?” and Senator Sherrod Brown said “We would be crazy to give them a chance to experiment with people’s bank accounts, and to use powerful tools they don’t understand, like monetary policy.” Across The Aisle But it’s not just Democrats who are wary. Donald Trump isn’t into it either, and as Matthew Stoller of the Open Markets Institute noted, Libra even makes finance-friendly, deregulation types like Congressman Greg Meeks nervous. Swiss Miss Marcus was largely evasive, simply not answering questions at times, but told lawmakers that Facebook was sorry for all the previous goof-ups. And that because Libra would be based in Switzerland, the country’s data protection agency would oversee data and privacy protections. This is apparently news to Switzerland. -Michael Tedder Photo: Mike Segar / RUETERS

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