Facebook Inc (NASDAQ:FB) and other social media giants are expected to testify in a legal proceeding that is currently investigating the involvement of Russians in last year’s U.S presidential election.
One of the top Democrat members of the House committee involved in the investigation revealed that Facebook and other social media firms including Twitter Inc (NYSE:TWTR) and Alphabet Inc (NASDAQ:GOOGL) would testify. The investigations are currently trying to determine whether the Russians played a part in the outcome of the elections.
“They need to be fully forthcoming. And I’m confident they will. I think, frankly, they need to come and testify before congress because there’s a lot we need to know about this,” stated Rep. Adam Schiff, regarding the social media companies.
Facebook recently revealed that fake accounts reportedly owned by Russians acquired political ads worth $100,000. Copies of the ads along with the details attached to them have already been submitted to special counsel Robert Mueller. The submission already suggests that the acquisition of the ads by the Russian accounts means that they had vested interest in the outcome of the presidential election.
Schiff told ABC’s “This Week” that the agenda of the Russians was to cause a divide in the U.S especially on some of the most critical issues in the country. He further added that all Americans regarded of their political affiliation should be angered by what the Russians tried to do. Thus the need to know the full extent to which they used social media to influence Americans.
Sen. Mark Warner (D-Va.) and Sen. Richard Burr (R-N.C.) who are the leaders of the Senate Intelligence Committee have already expressed their interest in discussing the matter with the heads of the major social media companies. Meanwhile, Facebook CEO Mark Zuckerberg is expected to testify in court this month in a different matter. His firm is currently defending its plan to start issuing non-voting stock to shareholders. Zuckerberg is expected to testify on September 26 this year in a Delaware Chancery court.
Facebook stock closed the latest trading session on Monday at $170.01 after tanking by 0.95 percent compared to the value of the stock during the previous close.