Facebook Admits To Targeting Billionaire George Soros

Facebook officials on Wednesday admitted to digging up dirt on Jewish billionaire George Soros and its competitors less than a week after The New York Times published an explosive exposé on the tech giant.

George Soros

Elliot Schrage, Facebook’s head of communication and policy, published a blog post detailing the company’s decision to hire Definers Public Affairs, a Republican opposition research firm, and why it aimed its effort at the company’s critics, including Soros.

“Some of this work is being characterized as opposition research,” Schrage wrote. “But I believe it would be irresponsible and unprofessional for us not to understand the backgrounds and potential conflicts of interest of our critics.”

Last week, Facebook CEO Mark Zuckerberg denied having any knowledge of the company’s PR campaign against Soros until the Times investigation, which also found negative campaigns aimed at Apple and Google, was made public.

Sheryl Sandberg, the company’s chief operating officer, also denied having knowledge of the hiring of Definers. However, in a statement supplementing Schrage’s blog post, she said she recently learned that the PR company’s work had “crossed my desk.”

Facebook has since cut ties with Definers, according to an article at The Huffington Post.

Schrage defended its attacks on Soros as a response to the liberal financier calling the company a “menace to society” during a speech at the World Economic Forum in Davos last January.

According to the Times investigation, Facebook initially hired Definers to monitor press coverage of the company. Facebook later expanded its relationship to include promoting negative coverage of Google and Apple, whom Facebook views as rivals.

Meanwhile, Fox News reports Billionaire George Soros’ investment management firm has saved millions after completely selling off its shares of Facebook and slashing its stakes in Netflix and Goldman Sachs just before the stocks nosedived, a report said Wednesday.

Soros Management Fund saved $17.7 million in the fourth quarter by dumping the three stocks, Barron’s reported.

Goldman tumbled 15 percent in the fourth-quarter, while streaming-content giant Netflix plunged 29 percent since the end of September, according to Barron’s. Facebook has fallen 20 percent in the fourth quarter, hitting an intraday low of $126.85 on Tuesday.

The firm’s stake in Goldman shrunk from 64,814 shares at the end of June, to 28,206 at the end of September, according to Barron’s. Goldman Sachs' stock began its tumble earlier this month when the Justice Department revealed charges against two former employees for issuing bonds from 1Malaysia Development Bhd.

Cutting 89 percent—or 106,400 shares—of its Netflix position in the third quarter, the firm held only 13,800 shares at the end of the September, according to the outlet. Its stock began its slide in October when investors expressed skepticism over its future profitability.