Facebook shares tumble, company triples lobbying spending, expands bug bounty program and more on this week's roundup

Facebook stock drops 11 percent – Facebook shares closed at $23.70 today, down significantly since the company’s second quarter earnings call on Thursday. The company met analysts’ expectations with $1.184 billion in revenue, but many investors are underwhelmed by the the social network’s ability to monetize its 955 million users, who are increasingly accessing the site from mobile devices.

Facebook triples spending on lobbying – Facebook spent $960,000 in lobbying from April to June of this year, up from $320,000 during the second quarter of 2011, according to The Hill.

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