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Facebook Shares Down 2.5% As It Prepares to Face Congress

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The chief executives of Facebook and Alphabet-owned Google (O:GOOGL) have agreed to voluntarily testify at a hearing before the Senate Commerce Committee on Oct. 28 about a key law protecting internet organizations.

Facebook and Twitter confirmed on that their CEOs, Mark Zuckerberg and Jack Dorsey, respectively, will show up, while a source said that Google’s Sundar Pichai will appear Friday. That came a after the committee unanimously voted to approve a plan to subpoena the three CEOs to look before the panel day.

Twitter’s Dorsey tweeted on Friday that the hearing “must be constructive & focused on what matters most to individuals that are American how we work together to guard elections.”

The CEOs are to appear virtually.

The hearing will mention issues about consumer privacy and media consolidation in addition to discussions on reforming the legislation called Section 230 of the Communications Decency Act, which protects internet companies from liability over content posted by users.

Republican President Donald Trump has made tech that is holding accountable for presumably stifling conservative voices a theme of his administration. This year as a outcome, calls for a reform of area 230 have now been intensifying ahead regarding the Nov. 3 elections, but there is little possibility of approval by Congress.

Last week Trump met with nine state that is republican general to discuss the fate of Section 230 after the Justice Department unveiled a legislative proposal aimed at reforming the law.

The chief executives of Google, Facebook, Apple Inc (NASDAQ:AAPL) and Amazon.com Inc (O:AMZN) recently testified ahead of the House of Representatives Judiciary Committee’s panel that is antitrust. Monday the panel, that is investigating exactly how the firms’ practices hurt rivals, is expected to release its report as soon as next. The chief executives of Facebook and Alphabet-owned Google.

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