Facebook shares slide following the news blackout in Australia

Actions of Facebook Inc fell roughly 1% Thursday, in line with moves from other major tech stocks, as Wall Street largely shrugged off outrage over the company’s decision to block all news content in Australia. The move was in response to a planned Australian law that would require Internet companies such as Facebook and Google to reach commercial agreements with news organizations whose links direct traffic to their platforms or are subject to forced arbitration to agree on a price.

Facebook stressed to investors in recent years that they face risks from moderation, copyright and commercial claims on the content that users post on the social network and investors have proven largely immune from a series of storms around the problem. The company’s shares were up 33% last year even as the platform was widely criticized for its handling of hate speech and disinformation related to COVID-19, fell 1.1% in pre-market trade.

(This story was not edited by our team of editors and is generated from a feed.)

News Highlights:

  • The move was in response to a planned Australian law that would require Internet companies such as Facebook and Google to reach commercial agreements with news organizations whose links drive traffic to their platforms or to be subject to forced arbitration to agree on a price. Facebook stressed to investors in recent years that they face risks from moderation, copyright and commercial claims on the content that users post on the social network and investors have proven largely immune from a series of storms around the problem.
  • Facebook shares slide following the news blackout in Australia