Sunday 23 July 2017

Facebook sets $6bn buyback; accounting chief to leave

Mark Zuckerberg
Mark Zuckerberg

Social media giant Facebook on Friday set a $6bn buyback program for its Class A shares, beginning in the first quarter of 2017.

Facebook's shares were up 1.1pc at $118.24 in after-hours trading. The company had a market value of about $337bn at close.

The company also said chief accounting officer Jas Athwal had resigned, effective February 17.

Athwal has spent nearly nine years at the company and was formerly the director of revenue at Yahoo.

The company said it planned to launch a search for a replacement.

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