Facebook stock lost $119 billion at market close on Thursday
MG News | July 27, 2018 at 10:55 AM GMT+05:00
Facebook had the biggest single day loss that any public company has ever witnessed in the stock market history, with shares plunging by 19% on Thursday, July 26, 2018.
The sell-off came about as company executives warned that owing to their focus on user privacy, the company may see a slow down in their revenue growth going forward.
This change in focus towards user privacy comes about as Facebook has been engulfed in, among other things, regulatory scrutiny all around the world, especially the United States and the European Union, after the Cambridge Analytica scandal brought them horrible press and criticisms from their user base.
According to Forbes, the loss came out to be almost $16 billion for founder Mark Zuckerburg.
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