Facebook could lose $151 billion in market capitalization today

30 July, 2018, 21:32 | Author: Natasha Holloway
  • Facebook Inc. Legal Issue

Anxious over the deepening crisis confronting the company, shareholders have been dumping its scrips.

Facebook lost United States dollars $119 billion in market value as the share price plunged - reportedly the largest single-day loss for any public company in history.

In fact, about 175 companies in the S&P 500 are worth less than the $15.9 billion that vanished from the fortune of the Facebook Inc.co-founder as shares of the social-media giant plunged 19 percent Thursday.

"It can notify a user when an unsolicited message was sent from a Messenger account that's not paired with an official Facebook one", The Verge reported.

Facebook has faced a series of crises over the past two years, starting with Russian interference on the platform during the 2016 election and continuing with this year's Cambridge Analytica data privacy scandal.

Facebook hit by scandals, misses revenue and user growth estimates
Zuckerberg's paper losses come after Facebook revealed mixed earnings and slowing growth during the second quarter of 2018. The disappointing results came after Facebook has been embroiled in a data scandal affecting millions of users.

Kacouris accuses Facebook and its two top-managers of making misleading statements or failing to disclose slowing revenue growth, falling operating margins and declines in active users.

Investors filed at least two proposed securities fraud class actions against Facebook in NY federal court Friday, accusing the company and its top brass of misleading shareholders in the months leading up to its disappointing earnings statement and subsequent $120 billion stock drop. Furthermore, the growth in the number of daily average users is slowing down as well.

Overnight, Wall Street's major indexes have closed lower as weak earnings reports from major technology companies led to a big drop for the sector. While users still encounter adds on Instagram stories, there are a lot less of them.

It was the second time Facebook stock took such a dramatic plunge. Scott Kessler, a representative from CFRA Research commented on the issue: "Legal/regulatory developments have led to changes meant to support FB's platform and users, but they will notably restrain growth and profits for at least the next couple of quarters, in our opinion".

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