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Facebook Inc (NASDAQ:FB) Shares Soar After Slingshot Unveiled

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By on Technology & Software

Shares of Facebook Inc (NASDAQ:FB) rose more than 4% in afternoon trading Tuesday after various press outlets reported that the social network giant accidentally unveiled a new photo- and video-sharing app called Slingshot before its official release. 

Facebook (FB) shares were also buoyed by news the company hired PayPal president David Marcus to lead its messaging products. 

Facebook’s new Slingshot app has a feature similar to Snapchat, allowing users to send a message which disappears briefly after it is viewed. The app was first seen on an overseas iTunes store on Monday. However, Facebook pulled down the app saying that it was not ready for release, according to SiliconBeat. 

According to independent tech website Re/code, one of the reasons why Facebook decided to hire PayPal’s Marcus is because the company is trying to find ways to monetize its messaging service and because Marcus was “running one of the biggest digital payments companies in the world.” However, sources cited by Re/code said Facebook has not yet decided on how it will attempt to generate revenue from its Messenger service. 

In afternoon trade, FB shares were up 4.3% to $65.57. The stock has a 52-week spread of $23.26 – $72.59. 

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