Facebook Stock Up 5% as Sheryl Sandberg Vows Not to Run for Office

Image: Mark Lennihan/Associated Press

Facebook stock jumped 5% in early trading Wednesday, rising back above $60 a share, after COO Sheryl Sandberg shot down lingering rumors that she planned to leave the company to run for public office.

'I'm not running for office,' Sandberg said during an appearance on the Today Show. 'I really love my job and have no plans to make any changes. I have ruled it out. I don't think that's for me.'

Sandberg also noted that there has been some 'confusion' over her decision to sell off many of her shares in the company. 'A good chunk of what was sold was all for taxes,' she said. 'I have really plans to stay at Facebook. I love my job.'

Sandberg's statements aren't the only piece of good news for Facebook this week. A separate report noted that Facebook ad prices have increased.

There is also renewed optimism for Internet stocks in general following a sharp selloff earlier this week. Doug Anmuth, an analyst with JP Morgan, wrote in an investor note that the selloff has 'created some attractive opportunities in companies with continued strong fundamentals and growth potential ahead.'

Facebook, Twitter, LinkedIn and other Internet stocks were all up in morning trading Wednesday. Even with the gains, Facebook is still well below its high of just more than $72 a share, which it hit in mid-March.

FB data by YCharts

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