Zuckerberg Loses More Than $15bn in Record Facebook Fall
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
30 July, 2018, 21:31
Facebook chief executive Mark Zuckerberg'sfortune 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.
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