Wednesday, 24 October, 2018

Zuckerberg Loses More Than $15bn in Record Facebook Fall

The Facebook logo on screens at the Nasdaq Market Site in New York's Times Square The Facebook logo on screens at the Nasdaq Market Site in New York's Times Square
Scott Davis | 30 July, 2018, 21:31

Facebook chief executive Mark Zuckerberg's fortune took a more than $15 billion (£11.44 billion) hit on Thursday, as the social media company suffered the biggest one-day wipeout in USA stock market history a day after executives forecast years of lower profit margins.

Other big Facebook investors also took a hit as disappointing second-quarter results obliterated $119 billion of market value, the most ever in a day for a US company.

The lawsuit is designed for class-action status and seeks unspecified damages.

Facebook remains a quickly growing company that sees its revenues increase by over 30% yearly, but the news of decelerating growth was enough to discourage some investors.

It was the second time Facebook stock took such a dramatic plunge. According to Thomson Reuters, this is the biggest single-day loss for any public company in history. He said the 19 percent plunge in Facebook shares the next day stemmed from federal securities law violations by the defendants.




This is not the first time the social media company has faced lawsuits this year with the company dealing with the aftermath of the Cambridge Analytica scandal.

Late Wednesday, Facebook warned that its revenue growth will slow down significantly for at least the remainder of the year and that expenses will continue to skyrocket. Since then, many have been consolidated in the federal court in San Francisco.

Those numbers are not just for its main Facebook site, but also across apps like Instagram and Whatsapp which are expected to have been behind the majority of the company's user growth.

Shares of Apple, which is set to report quarterly results on Tuesday, fell 1.7 per cent. Shares of Microsoft and Alphabet, which had soared after both companies recently reported strong quarterly results, dropped 1.8 per cent and 2.5 per cent, respectively. This forced them to magnify the call for changes at the top.

Recommended

Newcastle should swoop for Marega to provide partner to Muto Newcastle should swoop for Marega to provide partner to Muto It appears to us, the club have gotten a decent price for the Serbian striker, now let's hope the cash is spent wisely. "Yes. We did this business with Muto because we needed to do something more". - Benitez discusses the imminent arrival of Muto .

Trump denies knowing of 2016 Trump Tower meeting with Russians Trump denies knowing of 2016 Trump Tower meeting with Russians Others have been making this same argument for nearly as long as Donald Trump has been president, and for good reason. Giuliani told Fox he has hired technicians to determine if someone tampered with the tape, which cuts off abruptly.

Home minister Rajnath Singh said Assam NRC is impartial Home minister Rajnath Singh said Assam NRC is impartial There was no need to panic, Singh said on Monday, adding that those missing from the draft list could re-submit their papers. In February 1983, 2,000 immigrant Muslims were slaughtered in one night by machete-armed mobs in a brutal massacre in Nellie.

Northern California Wildfire Raging Into Its Fourth Day Northern California Wildfire Raging Into Its Fourth Day Still, he agreed with other experts that say the destruction was also the result of more people living closer to fire-prone areas. As of now, 500 structures have been destroyed and 80, acres have been charred from the Carr Fire, which is only 5% contained.

Transfer: Real Madrid take final decision on Hazard Transfer: Real Madrid take final decision on Hazard Premier League outfit Chelsea are reportedly considering a £100 million (R1.73 million) bid from Real Madrid for two Blues stars. But according to Italian outlet Corriere della Sera, Chelsea are now focusing most of their energy on a different Juventus star.

Facebook stock dives almost 20% on warning of slow revenue growth Facebook stock dives almost  20% on warning of slow revenue growth The new $10 million bump works out to an extra $27,000 a day Facebook is spending on protecting its chief. Facebook stock plunged Thursday, marking its worst day of trading since the company went public in 2012.

Mkhitaryan glad to have moved on from Mourinho Mkhitaryan glad to have moved on from Mourinho I'm very happy with his work on the pitch but it's not only today, it's every day. If they work hard, prepare well, they can take these opportunities.

Saudi Arabia halts oil shipments through key waterway after attack on tanker Saudi Arabia halts oil shipments through key waterway after attack on tanker This attack underscores the risk of an escalation in tensions in the region. The main impact of the incident appears to be military, Harami said.

GOP Lawmakers Launch Bid to Impeach Rod Rosenstein GOP Lawmakers Launch Bid to Impeach Rod Rosenstein Deputy Attorney General Rod Rosenstein will not be impeached by the Republican party, at least not right now. "I think Mr. The president has denied any collusion with Moscow took place, and has characterized the probe as a "witch hunt".

Nick Jonas' Family Opens Up On Getting Engaged to Priyanka Chopra Nick Jonas' Family Opens Up On Getting Engaged to Priyanka Chopra Moreover, Ali Abbas Zafar has indirectly hinted towards Nick Jonas as the reason for PC's exit from " Bharat ". The mag says Nick got a Tiffany's store in NYC to shut down so he could buy the engagement ring on the DL.

TV's Roseanne says tweet 'cost me everything' but wasn't racist TV's Roseanne says tweet 'cost me everything' but wasn't racist Roseanne Barr talks with Fox News talk show host Sean Hannity while being interviewed during a taping of his show Thursday in NY . The comic also claimed a recent video she released on YouTube, saying of Jarrett, "I thought the b**** was white", was a joke.

Unai Emery Makes Big Statement On Arsenal's Transfers Unai Emery Makes Big Statement On Arsenal's Transfers Gazidis has been Arsenal's chief executive since 2009, but his influence at the club has never been bigger than now. Gazidis is also in Singapore with the team this week, and Emery said the two talk "every day".

A lake of actual water has been discovered on Mars A lake of actual water has been discovered on Mars Those pulses reflected 29 sets of radar samples that created a map of drastic change in signal nearly a mile below the surface. Several craft have taken radar measurements and have arrived at no conclusive evidence of liquid water.

Tape of Trump discussing hush money for alleged affair released Tape of Trump discussing hush money for alleged affair released When the issue emerges in the conversation again, Trump asked Cohen "What financing?" while Cohen said "We'll have to pay". If true, Cohen should sign a statement this morning stating he will not under any circumstances accept a pardon from Mr.

NZ farmers dismayed at United States farm bailout as trade war deepens NZ farmers dismayed at United States  farm bailout as trade war deepens Many Wisconsin politicians are echoing that sentiment, saying payback for trade tariffs is not the way to go. Juncker said the United States had agreed to build more LNG export terminals to increase supplies to Europe.