Facebook Just Raised its Stock Buyback Program to This Figure

Facebook hasn’t had the best year due to the uproar over its data scandal. The company has been accused of striking secret deals with app developers, allowing them access to user data and mining user devices to information about third-party app use.

In more optimistic news, Facebook has increased its buyback program by $9 billion.

Wall Street learned the news in a filing on Friday with the Securities and Exchange Commission, sending shares higher as a result.

Facebook said its board approved the increase last Thursday. It was In 2017 that the social media giant’s board signed off on share repurchases of up to $15 billion of its Class A shares with no expiration date.

This year shares of Facebook have fallen about 22%.

Disclaimer: We have no position in Facebook, Inc. Common Stock (NASDAQ: FB) and have not been compensated for this article.