Facebook dropped from Australian Ethical ETF after data breach
Reuters
Published Mar 23, 2018 01:49AM ET
Facebook dropped from Australian Ethical ETF after data breach
(Reuters) - Facebook Inc (NASDAQ:FB) will be removed from the Australia-based BetaShares Global Sustainability Leaders Exchange Traded Fund (ETHI) due to recent "controversies", its Responsible Investment Committee (RIC) said on Friday.
"The company has in recent times been the subject of a number of controversies and reputational issues," the committee said in a statement https://www.betashares.com.au/files/ETHI/MEDIA-STATEMENT-ETHI-Removal-of-Facebook_March2018.pdf.
The world's largest social media network, with more than 2 billion monthly active users, is under scrutiny following allegations that British political consultancy Cambridge Analytica improperly accessed users' data and helped influence the 2016 U.S. presidential election.
Facebook Chief Executive Mark Zuckerberg apologized on Wednesday, five days after the scandal broke, and promised to restrict developers' access to such information.
The company, which has lost more than $50 billion in market value since allegations this week, ended over 2.6 percent lower on Thursday.
Facebook comprises 3.9 percent of the ETHI portfolio, the Australian ethical fund that has $170 million in funds under management.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.