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Report: Facebook Paid People To Transcribe User Audio

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Report: Facebook Paid People To Transcribe User Audio

Investors and traders in Facebook, Inc. (NASDAQ: FB) saw a massive spike in volume in mid-day trade Tuesday. While the stock normally trades several thousand shares per one-minute band, volume rose sharply to over 100,000 shares per minute over a few-minute span.

The cause of the volume spike was a Bloomberg report, which highlighted allegations the company paid hundreds of contractors to transcribe user audio. The report said Facebook has since paused this human review of conversations.

Facebook shares fell about 0.8% immediately following the report. At time of publication, the stock was up 1.6% for the session at $188.72 per share.

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