Top lawyers for Facebook, Google, and Twitter spent the day squirming in their seats as lawmakers on Capitol Hill grilled them about Russian-backed propaganda, scolded them for not taking the problem more seriously, and threatened regulation if they don’t change their ways.
Meanwhile, on Planet B–also known as Wall Street–profits are through the roof. Shares of Facebook hit an all-time high of $182.69 this morning just as the Senate hearing was getting underway. The stock dipped as the hearing progressed, but it’s already bouncing back. The social networking giant is reporting third-quarter earnings this afternoon, and analysts expect robust revenue on the strength of Facebook’s mobile ad business.
It’s a similar story for Google’s parent company, Alphabet, whose stock hit a near record high of $1,047.86 a share this afternoon. Even Twitter is doing relatively well, with shares of the company hitting $20.99 today. The stock had previously spent months trudging around in the teens, but it got a boost last week after Twitter’s surprise earnings beat.
In another industry, even a whiff of government regulations can spark investor panic, but Silicon Valley’s tech giants may just be too big to care—which, I guess, is the 2017 version of too big to fail.