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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Facebook Inc    FB

FACEBOOK INC

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Facebook : to Suspend U.S. Political Ads on Election Day -- Update

10/07/2020 | 08:32pm EST

By Jeff Horwitz

Facebook Inc. said it would suspend indefinitely all political and social-issue advertising in the U.S. after the polls close Nov. 3, in its latest move to combat potential confusion and abuse related to the election.

The policy, disclosed Wednesday, adds to an announcement by Chief Executive Officer Mark Zuckerberg last month that Facebook will bar new political ads in the week leading up to Election Day and flag any candidates' premature claims of victory. He said at the time that he worried about an increased risk of civil unrest given the division over the presidential race and the potential for a delayed outcome.

The company had said more recently that it didn't expect to make additional changes to its election policies. But election tension has increased in recent weeks, with President Trump refusing to say that he will accept the outcome of the vote and both parties vowing to sign up record numbers of volunteers to monitor polling places, which election-law scholars and voting-rights groups warn could cause disruption and voter intimidation.

"This is shaping up to be a very unique election," Guy Rosen, head of Facebook's Integrity division, said Wednesday.

In Wednesday's update, Facebook also said it would add restrictions to posts about poll-watching operations that use militarized language or suggest an aim to intimidate voters. The social-media giant had previously said it would remove calls for coordinated interference at polling places, but has come under pressure from civil-rights activists on the left to take further action, particularly in the wake of a recent post in which Donald Trump Jr., the president's son, called for an "army" to protect the integrity of voting.

Facebook's election policies have been controversial. The pre-election limit on political ads was protested by both Republican and Democratic campaigns that said the inability to create new advertisements would hamper their ability to get voters to the polls.

After Wednesday's announcement, Tim Murtaugh, Trump campaign spokesman, said it was "glaringly obvious that this new policy is specifically targeted at the President's campaign" because the campaign's volunteers are referred to as an "Army for Trump."

The new announcements drew praise from some civil-rights groups that have criticized Facebook for failing to police voter suppression and intimidation efforts.

"These are important steps for Facebook to take to combat disinformation and the premature calling of election results before every vote is counted," said Vanita Gupta, CEO of the Leadership Conference on Civil and Human Rights.

Facebook has trumpeted a string of changes over the past several years that it has said will prevent the kind of widespread misinformation and abuse that plagued its platform in the 2016 U.S. election.

On the call with reporters, Mr. Rosen said Facebook deserved credit for doing far more than its competitors to set rules for election-related content and promote the sharing of accurate information about voting.

"We believe we have done more than any other company over the last four years to secure the integrity of elections," he said.

Write to Jeff Horwitz at Jeff.Horwitz@wsj.com

(END) Dow Jones Newswires

10-07-20 2031ET

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Financials (USD)
Sales 2020 83 587 M - -
Net income 2020 26 870 M - -
Net cash 2020 63 906 M - -
P/E ratio 2020 29,7x
Yield 2020 -
Capitalization 789 B 789 B -
EV / Sales 2020 8,67x
EV / Sales 2021 6,80x
Nbr of Employees 56 653
Free-Float 83,8%
Chart FACEBOOK INC
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Facebook Inc Technical Analysis Chart | FB | US30303M1027 | MarketScreener
Technical analysis trends FACEBOOK INC
Short TermMid-TermLong Term
TrendsNeutralNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 50
Average target price 315,73 $
Last Close Price 276,92 $
Spread / Highest target 35,4%
Spread / Average Target 14,0%
Spread / Lowest Target -56,7%
EPS Revisions
Managers
NameTitle
Mark Elliot Zuckerberg Chairman & Chief Executive Officer
Sheryl Kara Sandberg Chief Operating Officer & Director
David M. Wehner Chief Financial Officer
Michael Todd Schroepfer Chief Technology Officer
Atish Banerjea Chief Information Officer
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