Facebook could lose $151 billion in market capitalization today

30 July, 2018, 21:29 | Author: Teresa Adams
  • Facebook CEO and founder Mark Zuckerberg. Credit AFP

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 United States stock market history a day after executives forecast years of lower profit margins.

Facebook shares fell another 0.8 per cent on Friday, closing at $US174.89 on the Nasdaq.

He claims the marketplace was "shocked" when the "truth began to emerge" from the social media giant. Kacouris said that the 19 percent drop in Facebook shares the next day stemmed from federal securities law violations by the defendants.

Facebook is sued after stock plunge 'shocked' market
Investors were also concerned by figures which showed the number of active users has also grown less quickly than expected. But as I've said on past calls, we're investing so much in security that it will significantly impact our profitability.

"The guidance from management over their expectations for revenue growth to decelerate so markedly for the rest of the year did take us, and the market, by surprise", said Christopher Rossbach, chief investment officer at J. Stern & Co.

The lawsuit seeks class-action status and unspecified damages.

Facebook said in its earnings report last week that it anticipated slower revenue growth and slimmer margins in the future, in part to improve the safety and privacy of the platform. A Facebook spokeswoman declined to comment. This is most especially if the loss of wealth is quite large.

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In an earlier interview with CBN News , Pompeo had made similar emphatic clarifications about Trump and Russian Federation . Russian Federation and concerns that Trump is too cozy with Putin dominated the three-hour session. "Yes, I did.

Thursday's plunge also hit Mr Zuckerberg's bottom line. He has been tied with Warren Buffet in the world's fourth-richest person.

Buffett now ranks third among the world's billionaires, while Zuckerberg is sixth.

Facebook's shares were worth $629.6 billion Wednesday, but, by Thursday, were worth only $506.2, according to Tech Crunch.

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Thirteen others, ranging in age from 17 to 59 years old, were hospitalized after the Sunday night attack. Hussain lived with his parents in the building, and neighbours said the family was Pakistani.

For more than a year already, Facebook and other social media companies have been under fire courtesy of policy makers and regulators. And the increased spending aims, among other things, to prevent a replay of the fake news and propaganda that Russian agents unleashed on an unguarded Facebook in an attempt to sway the 2016 presidential election.

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