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

Posted by BeauHD on from the terrible-horrible-no-good-very-bad-day dept.

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.

5 of 130 comments (clear)

  1. Retirement by 110010001000 · · Score: 5, Funny

    This is a bummer. My entire portfolio is Facebook, Netflix and Tesla. Let me go check to see how they are doing...

  2. Simpson: Nelson: Ha-Ha! by UnknownSoldier · · Score: 4, Insightful

    Oh look, imaginary value dropped. Sucks to be you.

    When is the /. article for when Fuckerberg takes a shit?

    --
    Insecure children censor.
    Adults communicate about taboo subjects, and laugh.

  3. Inverted by The+Evil+Atheist · · Score: 4, Insightful

    Headline should be: "Facebook suffers over-inflated stock prices for X years."

    --
    Those who do not learn from commit history are doomed to regress it.
  4. Re:119 billion, 16 billion by ShanghaiBill · · Score: 5, Funny

    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.

  5. Re:The Stock Market is Fucking Stupid by Narcocide · · Score: 5, Insightful

    Oh, you think they're stupid? If you haven't figured out by now that stock prices are entirely based on wishful thinking then I've got some bad news for you...