Mark Zuckerberg helped trigger a vicious short-squeeze in Facebook shares on Tuesday during his marathon session answering questions from 44 Senators during a joint hearing held by the Senate Judiciary and Commerce Committees.
Now, he’s gearing up for a second day of testimony on Wednesday – this time before the House.
Answering questions ranging from whether Facebook should have a mandatory “opt-in” for minors when it comes to data sharing to whether he believes Facebook is a monopoly, Zuckerberg’s uncharacteristic poise under fire apparently helped reassure investors, even after he admitted in his prepared remarks that reforms being undertaken by Facebook could significantly affect its bottom line.
Watch the hearing below:
If yesterday’s hearing was relatively lacking in drama, expect today’s round of questioning to be even more of a lazy boat ride: As we’ve previously pointed out, since 2007, the social media giant has contributed a cumulative $381,000 to 46 of the 55 members of the House committee.
Furthermore, several powerful Democratic leaders – including Minority Leader Nancy Pelosi – have substantial holdings of FB stock.
Meanwhile, photographs of notes that Zuck left on his desk during a brief break showed what he was planning to say if asked about several key topics, if asked.
Of course, nobody asked yesterday one question that we feel is of paramount importance. And that question is…why did you sell your stock:
The hearing is set to begin at 10 am ET.
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