Fidelity's Danoff backs Facebook's response to content, privacy issues
Updated : August 28, 2018 07:27 AM IST
Comments by Fidelity Contrafund's Will Danoff, who like other top mutual fund managers rarely voices an opinion about a holding, represent key support for management as some investors seek change at Facebook, but also drew criticism that he should take a tougher line.
In a commentary emailed on Monday by the Boston fund firm, Danoff said Facebook, his fund's largest position, "confronted some stiff headwinds" in the first six months of 2018.
Mark Zuckerberg, Facebook's chief executive, was hauled before US Congress in April to explain how data belonging to 87 million users was improperly shared with a political consultancy, Cambridge Analytica, and why it ran ads and posts placed by Russian operatives in what US authorities believe was an attempt to influence the US 2016 election.