Facebook CEO Mark Zuckerberg apparently pleased investors with his appearance before the Senate Judiciary and Commerce committees because the stock price for the social media giant closed on Tuesday with a 4.5 percent gain.
Here's how it affected Zuckerberg's net worth
According to Forbes Real-Time Rankings of the World’s Billionaires, the social media CEO increased his wealth by $2.6 billion over the time he spent answering questions by members of Congress.
Zuckerberg owns about 16 percent of the company's stock, and the jump in the market price Tuesday elevated his net value to approximately $66 billion. Forbes reported that it was the best day of trading for Facebook in two years.
Brent Thill, a director at Jefferies investment bank, explained why Zuckerberg's appearance on Capitol Hill resulted in a stock market surge for his company.
“The stock reflected a lot of bad news going in,” Thill said. “Zuckerberg has respectively responded to tough questions with good answers. His commentary is beating expectations.”
Various members of Congress grilled Zuckerberg for hours about numerous issues having to do with one of the largest social media platforms in the world. The company has been at the center of a controversy having to do with user information being improperly transferred to Cambridge Analytica, a political influence group.
Senator Ted Cruz focused on reports that Facebook had underreported conservative stories and undermined the presence of Republican politicians and causes on their website. Zuckerberg denied that there as any purposeful partisan interference, and posited that the company was not speaking or acting politically.
Zuckerberg is not done with Congressional questioning - he's due back on Capitol Hill to answer to members from the House Energy and Commerce Committee on Wednesday.