UPDATED: Shares of Meta Platforms climbed 5.4% Thursday, coming after longtime COO Sheryl Sandberg — one of the most powerful women execs in the tech industry — announced she was stepping down from the role.The rise in Meta's stock price came amid a broader uptick in tech stocks, as the Nasdaq Composite closed up 2.7% for the day. In after-hours trading Wednesday, Meta's stock price had dropped as much as 3% on the news that Sandberg, a 14-year veteran of...
Sandberg spent much of 2021 publicly defending Meta (formerly Facebook, Inc.) from its detractors on all sides of the political spectrum, downplaying its Facebook platform’s role in the organization of the January 6 riots at the U.S. Capitol while justifying the banning of former President Trump from Facebook and Instagram for two years. She boasted of Facebook’s good deeds during the pandemic — serving as a lifeline for small businesses and a good boss to its employees, allowing them to work remotely — and touted its potential as a vehicle for virtual religious services. Sandberg also sounded an alarm about the future of online freedom, warning that many countries are moving away from an open Internet and toward the “Chinese model” of strict government regulation. She plans to leave Meta this fall.