Mark Zuckerberg said he was open to the “right regulation” of Facebook but did not commit to any specifics in a disaster-free grilling on Capitol Hill that added more than $17bn to the company’s market value.
Investors responded positively to the Facebook founder’s five-hour testimony in front of a Senate committee, where lawmakers criticised the social network for how it exploits its users’ data and for the leak of information on 87m users to the research firm Cambridge Analytica.
Facebook shares have been battered by concern that a string of controversies could tempt lawmakers to introduce profit-crimping regulation, but they rose throughout Mr Zuckerberg’s testimony and ended up 4.5 per cent.
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