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Facebook Stock Suffers Largest One-Day Drop In History, Shedding $119 Billion
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. From the report: 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.
This is a bummer. My entire portfolio is Facebook, Netflix and Tesla. Let me go check to see how they are doing...
I hope they lose the rest too. Fuckerberg and all his cohorts filmed jumping out of high-rise windows to their death would be the best viral video in a decade.
The market cap of Facebook fell from the GDP of Argentina to the GDP of Belgium, a difference of the GDP of Kuwait.
List of countries by GDP
This is actually an apples-to-oranges comparison, since market cap is a measure of assets while GDP is a measure of income.