Facebook shares drop as executives quit



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Facebook shares drop as executives quit

On Friday, the 15th of March 2019, the shares of Facebook Inc, dipped as much as 5 percent to its lowest in three months, after the surprise departure of the Chief Product Officer Chris Cox in the wake of growing scrutiny in privacy handling, political contents, and extremism concerns.

Cox had always been a close associate of the Facebook founder, Mark Zuckerberg, alongside a Wall St. favorite for over a decade, who also had been leading Facebook’s business development team and assisting to scale up business models of its messaging networking service WhatsApp.

Following the departure of the high-profile Facebook executive, citing Cox’s contribution to Facebook’s business model development, a JPMorgan analyst wrote in a note, “We believe Cox played a critical role in establishing FB’s mission, values, and culture, and he was extremely well-regarded inside and outside the company, including by Wall Street”.

Cox’s departure had been the latest amid a string of high-profile departures from Facebook’s communication and product management team, which had also exacerbated worries among the investors and the results had been shown in the form of a quick sell-off of Facebook shares on Friday (March 15th) upon departure of one of its oldest executives.

Besides, a recent terrorist attack on a New Zealand mosque, that killed 49 people, had been broadcasted in Facebook with vulgar contents, triggering questions whether the social media giant should concentrate more on content moderation.