At a time when most of the tech companies were going down, Facebook registered a growth as reports suggesting the launch of their Cryptocurrency Libra boosted the sales. It grew by as much as 2.5 per cent in the early Friday trading to give some hope to the stuttering tech market. Facebook shares were now trading at USD 181.84 at 9:35 AM in the New York Stock Exchange Market.
Many companies, including most of the top payment companies like PayPal, Visa, and MasterCard, along with Uber have decided to invest USD 10 million in Facebook for their upcoming Cryptocurrency project. Another reason cited for the company’s growth is their recent entry to the data research officially offering money to users for sharing their data. That move is expected to up the game for Facebook, who have been on an incline streak from the past six weeks. Facebook’s stocks are expected to rise further with more investments coming through. Libra will be anticipated to bring in some more investors as Facebook too will try to build an entire virtual world, with their own payment method. Also, the shareholders have been unimpressed with the way Zuckerberg has handled Facebook’s internal affairs. This well might just bring in some peace there as well. Facebook have set up Limra Technologies in Singapore, that will look after everything concerned with Facebook’s Cryptocurrency, which is the most awaited phenomenon for Facebook right now.
Talking of Facebook’s internal dispute, shareholders voted unanimously to bring in an independent chairman who can question the absolute authority of Mark Zuckerberg. However, the dual share holding policy of the company adjudged Zuckerberg to continue being the company’s supreme authority. As per the dual decision making structure, a vote from shareholders of class A counts as one, while that of a class B shareholder counts as 10 votes.