NewsApp (Free)

Read news as it happens
Download NewsApp

Available on  

Rediff News  All News  » Business » Facebook spent $960,000 on lobbying

Facebook spent $960,000 on lobbying

Last updated on: July 23, 2012 17:06 IST

Facebook spent $960,000 on lobbying

Facebook, which went public in May, tripled the amount spent on lobbying activities to nearly $1 million in three months ended June 2012.

The social networking giant shelled out $960,000 on lobbying in April-June this year, against just $320,000 inthe year-ago period, according to lobbying disclosure reports with the US Senate.

Facebook lobbied with lawmakers on several issues such as cybersecurity, employment, privacy, taxes, IPO, advertising and copyright.During the quarter, Mark Zuckerberg-led

Facebook entered the capital market in an aim to raise about $18 billion through its initial public offering (IPO).Although, Facebook's long-awaited stock market debut on May 18, did not live up to expectation as its shares have been trading near $28 level, which is much below its issue price of $38 apiece.

Facebook lobbied on a range of other policy issues such as Internet privacy issues and freedom of expression on theInternet.

Among other major lobbying issues were "international regulation of software companies, global online freedom Act, restrictions on Internet access by foreign governments, preserve and advance the multi stakeholder governance model, protecting and advancing online freedom of expression and privacy through 'observer' status of the Global Network Initiative (GNI).

"In the first half of this year, Facebook spent $1.61 million on lobbyists compared with $1.35 million last yearand $351,000 in 2010.

Zuckerberg, who started the company eight-years ago in a Harvard dorm room, has more than 900 million users worldwide.

Photographs: Reuters.

© Copyright 2018 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.