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Alphabet shares close higher on Wednesday, Google to set aside EUR 25 million for a new fund to combat misinformation

Alphabet Inc’s Google said on Wednesday that it would contribute EUR 25 million to the newly established European Media and Information Fund in an attempt to combat misinformation.

There was a significant surge in fake news surrounding the COVID-19 pandemic and the US presidential election last year, while the social media faced some major criticism for not being proactive enough in taking measures against the issue.

Launched last week by the Calouste Gulbenkian Foundation and the European University Institute, the European Media and Information Fund has a duration of five years and aims to enlist researchers, fact-checkers, not-for-profits and other public interest-oriented bodies to help combat misinformation.

“While navigating the uncertainty and challenges of the last year, it has proven more important than ever for people to access accurate information, and sort facts from fiction,” Matt Brittin, head of Google’s EMEA Business & Operations, said in a blog post, cited by Reuters.

Alphabet shares closed higher for the fourth time in the past ten trading sessions on NASDAQ on Wednesday. The stock went up 0.64% ($13.09) to $2,068.63, after touching an intraday high at $2,093.00, or a price level not seen since March 17th ($2,109.32).

Shares of Alphabet Inc have risen 18.08% so far in 2021 compared with a 5.77% gain for the benchmark index, S&P 500 (SPX).

In 2020, Alphabet’s stock went up 31.03%, thus, it again outperformed the S&P 500, which registered a 16.26% gain.

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