Facebook Loses Over $100 Billion in Largest Single-Day Loss of Market Value in History
No other company in U.S. history has lost so much in a single day of trading.
The loss of more than $119 billion from Facebook’s market capitalization on Thursday was the largest one-day loss of any company in the history of the U.S. stock market, reports Buzzfeed News. On Thursday, the social network’s share’s closed down about 19 percent, following Wednesday’s disastrous earnings call in which the company disclosed slowing revenue and user growth figures.
— CNBC (@CNBC) July 26, 2018
No other company in U.S. history has lost more than $100 billion in a single day of trading, reports CNBC, who cited data from market analysis firm FactSet.
The Facebook carnage continues. His fortune has tumbled by $15 billion as of this morning. If the decline holds, he’ll slide from 3rd –> 6th place on Bloomberg Billionaires Index #TicTocNews pic.twitter.com/r543rMvaSO
— Selina Wang (@Selina_y_wang) July 26, 2018
Facebook has faced heavy criticism for its role in the Cambridge Analytica data scandal. This year the social media giant has been investigated for its role in helping to spread Russian sponsored misinformation before and after the 2016 election, reports Buzzfeed.
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