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Business digest: Facebook says government sought user data

Wednesday, August 28, 2013 - 7:34 am

Facebook: Governments sought data on 38K users

WASHINGTON – Government agents in 74 countries demanded information on about 38,000 Facebook users in the first half of this year, with about half the orders coming from authorities in the United States, the company said Tuesday.

The social-networking giant is the latest technology company to release figures on how often governments seek information about its customers. Microsoft and Google have done the same.

Ackman to sell JC Penney stake for about $504.4M

NEW YORK – J.C. Penney's biggest investor, William Ackman, plans to sell his entire stake in the struggling department store operator for about $504.4 million – which represents a loss of around $470 million.

Pershing Square Capital Management's Ackman disclosed in a regulatory filing late Monday that he was going to sell his nearly 18 percent interest — or 39.1 million shares.

J.C. Penney's shares have lost nearly 70 percent of their value since early February 2012 when investor enthusiasm over former CEO Ron Johnson's retail strategy pushed the stock to around $43.

–From wire reports