World

Facebook spent $960,000 on lobbying

PTI New York | Updated on July 23, 2012 Published on July 23, 2012

Facebook, which went public in May, tripled the amount spent on lobbying activities to nearly $1 million in three months ended June 2012.

The social networking giant shelled out $960,000 on lobbying in April—June this year, against just $320,000 in the year—ago period, according to lobbying disclosure reports with the US Senate.

Facebook lobbied with lawmakers on several issues such as cybersecurity, employment, privacy, taxes, IPO, advertising and copyright.

During the quarter, Facebook entered the capital market in an aim to raise about $18 billion through its initial public offering (IPO).

Although, Facebook’s long—awaited stock market debut on May 18, did not live up to expectation as its shares have been trading near $28 level, which is much below its issue price of $38 apiece.

Facebook lobbied on a range of other policy issues such as Internet privacy issues and freedom of expression on the Internet.

Among other major lobbying issues were “international regulation of software companies, global online freedom Act, restrictions on Internet access by foreign governments, preserve and advance the multi stakeholder governance model, protecting and advancing online freedom of expression and privacy through ‘observer’ status of the Global Network Initiative (GNI).”

In the first half of this year, Facebook spent $1.61 million on lobbyists compared with $1.35 million last year and $351,000 in 2010.

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Published on July 23, 2012
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