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Facebook Stock Suffers Largest One-Day Drop In History, Shedding $119 Billion

July 26, 2018 1 Comment

Facebook is experiencing one its worst days as a publicly traded company. According to CNBC, Facebook lost about $119 billion of its value on Thursday, marking the biggest one-day loss in U.S. market history. CBS MoneyWatch reported:

The company’s shares plunged $41.24, or almost 19 percent, to $176.26 a day after the social media giant reported disappointing results. The slide is the largest decline in market capitalization in history, exceeding Intel’s $91 billion single-day loss in September 2000, according to Bloomberg data.

Founder and CEO Mark Zuckerberg saw his fortune drop by $15.9 billion to roughly $71 billion. His personal loss alone, if only on paper, exceeds the value of companies such as Molson Coors and Macy’s, which have market values of $14 billion and $12 billion, respectively.

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.

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Comments

  1. People Lend says

    August 9, 2018 at 4:20 am

    Thanks for sharing this great post. Really helpful.

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