Facebook Shares Perk Up After Social Network Tweaks Privacy Settings

Facebook Shares Perk Up After Social Network Tweaks Privacy Settings

Facebook’s battered shares, which have dropped 17% in the past week and a half amid the Cambridge Analytica scandal, have gotten off to a strong start this morning after the company announced changes to its privacy settings.

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In the first hour of trading, the stock has risen 2% and is trading north of $155 a share. After surging to a 52-week high of $195 in January, shares have retreated to levels where they traded last July.

The company announced the changes in a blog post bearing the straight-shooting headline “It’s Time to Make Our Privacy Settings Easier to Find.” Adjustments to the tools will make it easier for users to find and adjust their privacy settings, the company said. Founder and CEO Mark Zuckerberg has been hounded by lawmakers and the press after it was revealed that Facebook obtained personal data from more than 50 million users, via research firm Cambridge Analytica.

“Last week showed how much more work we need to do to enforce our policies and help people understand how Facebook works and the choices they have over their data,” the blog post said. “We’ve heard loud and clear that privacy settings and other important tools are too hard to find and that we must do more to keep people informed.”

The platform has added a “privacy shortcuts” menu, which allows users to access their personal data and even delete it if they so choose, as well as fine-tuning the advertising they encounter. Additional security options, including “two-factor authentication,” have also been implemented.

“We’ve worked with regulators, legislators and privacy experts on these tools and updates,” the company said in the unsigned blog post. “We’ll have more to share in the coming weeks, including updates on the measures Mark shared last week.”