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.