As the most reliable and balanced news aggregation service on the internet, DML News offers the following information published by CBSNEWS.COM:
Facebook lost about $119 billion of its value on Thursday, marking the biggest one-day loss in U.S. market history.
The company’s shares plunged $41.24, or almost 19 percent, to $176.26 a day after the social media giant reported Bloomberg data.. The slide is the largest decline market capitalization in history, exceeding Intel’s $91 billion single-day loss in September 2000, according to
Founder and CEO Mark Zuckerberg, who has a 13 percent stake in Facebook, saw his fortune dropped by more than $12 billion in less than 24 hours, to around $74 billion.
The article goes on to state the following:
Investors were spooked by Facebook’s forecast showing that its number of active users is growing less quickly than expected, while the company also took a hit from Europe’s new privacy laws.
The report, which marked Facebook’s first full quarter since the Cambridge Analytica scandal, startled investors with a bevy of red flags about setbacks to its revenue and user growth. Indeed, the drop Thursday morning was sharper than the multi-day stock slide in March following revelations of data misappropriation by Cambridge and others. (Facebook shares dropped 17.8 percent then, bottoming out at $151.65 on March 28.)
BREAKING: Facebook stock collapse wipes out $119 billion in market value, one of the worst single-day losses in history.
— The Associated Press (@AP) July 26, 2018
— Bloomberg (@business) July 26, 2018
Facebook’s earnings disaster erased $120 billion in market value — the biggest wipeout in US stock-market historyhttps://t.co/7SiSQfm5dO
— Business Insider (@businessinsider) July 26, 2018
— CNBC (@CNBC) July 26, 2018
The massive one-day loss pushed the 34-year-old out of the top 5 in Forbes’ list of the world’s billionaires. https://t.co/RLvQe7l8wZ
— USA TODAY (@USATODAY) July 26, 2018
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