Facebook's (FB) - Get Meta Platforms Inc. Class A Report fledgling cryptocurrency Libra just received a slew of bad news Friday afternoon as Visa, (V) - Get Visa Inc. Class A Report , Mastercard (MA) - Get Mastercard Incorporated Class A Report , Stripe and eBay (EBAY) - Get eBay Inc. Report announced that they are all withdrawing from the Libra Association.
This week, Senators Sherrod Brown (D-OH) and Brian Schatz (D-HI) sent letters to Stripe, Mastercard (MA) - Get Mastercard Incorporated Class A Report and Visa (V) - Get Visa Inc. Class A Report urging the companies to reconsider their involvement with the Libra Association.
The Libra Association's stated goal is to develop a robust ecosystem of financial products that will allow people to use Libra everyday, around the world. When it was first started it featured 28 companies.
That number is now down to 23.
The Libra Association is scheduled to meet in Geneva on Oct. 14. Meanwhile, Facebook CEO Mark Zuckerberg is scheduled to testify on before the House Financial Services Committee on Oct. 23.
The hearing, which is scheduled for 10 AM ET, is entitled "An Examination of Facebook and Its Impact on the Financial Services and Housing Sectors."
Facebook shares ended Friday's regular trading session up 2.3% to $184.19. In after-hours trading, Facebook was up 0.1% to $184.40.
Facebook and Mastercard are key holdings in Jim Cramer's Action Alerts PLUS charitable trust.