Facebook authorized a $6 billion repurchase program following the spread of fake news across the social network, according to an SEC document. “The timing and actual number of shares repurchased will depend on a variety of factors, including price, general business and market conditions, and alternative investment opportunities," Facebook said. The size of the buyback is consistent with what other tech giants, like Google and Apple, have bought back in recent years. A BuzzFeed analysis showed fake news generated more engagement in the final three months of the general election than legitimate news sources did. However, CEO Mark Zuckerberg said just days after the election was over, "fake news is “very small amount” of total Facebook content.
