Tuesday, 16 October, 2018


Zuckerberg Loses More Than $15bn in Record Facebook Fall

Zuckerberg Loses More Than $15bn in Record Facebook Fall Zuckerberg Loses More Than $15bn in Record Facebook Fall
Conrad Doyle | 30 July, 2018, 21:28

It was reportedly the biggest one-day loss in market value by any company in U.S. stock market history.

Shares closed down almost 19% at $176.26, wiping more than $120 billion off the company's value or nearly four times the entire market capitalisation of Twitter.

Facebook has faced dozens of lawsuits over its handling of user data in a scandal also concerning the United Kingdom firm Cambridge Analytica. Many of those lawsuits have been reportedly consolidated in the federal court in San Francisco.

Those numbers are not just for its main Facebook site, but also across apps like Instagram and Whatsapp which are expected to have been behind the majority of the company's user growth.

Thursday's plunge also brought bad news to Zuckerberg as he hit the bottom line.

Mr Buffett now ranks third among the world's billionaires, while Mr Zuckerberg is sixth.

The fall came after the social media giant revealed three million European users had closed their accounts since the Cambridge Analytica data scandal.

Facebook said in its earnings report last week that it anticipated slower revenue growth and slimmer margins in the future, in part to improve the safety and privacy of the platform.

Zuckerberg even noted during a call with analysts that "we're investing so much in security that it will significantly impact our profitability".

"We own it for its leadership in the tech industry", he said.

Investors filed at least two proposed securities fraud class actions against Facebook in NY federal court Friday, accusing the company and its top brass of misleading shareholders in the months leading up to its disappointing earnings statement and subsequent $120 billion stock drop.

The S&P 500 technology index fell 2.0 per cent, the most among the major S&P sectors.

Facebook reported strong earnings for the April-June quarter on Wednesday. The shares closed up 0.5 per cent.

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