The leftist, conservative-censoring social media giant Facebook took a record-breaking hit to their stock Thursday. The company's stock took a $120 billion hit making it the largest one-day loss in market value in the history of any company in the U.S. stock market. The massive drop came after Facebook released a disastrous quarterly earnings report.
The company's market cap plummeted to about $508 billion Thursday, a drop of about $120 billion! Today is not Facebook CEO Mark Zuckerberg's finest day, not by a long shot. Many investors have been hanging onto their Facebook stock by a thread as more and more negative press and scandals continue to flow from the bowels of the company.
Related coverage: <a href="https://thegoldwater.com/news/30598-Zuckerberg-Surpasses-Warren-Buffet-To-Become-Third-Richest-Person-In-The-World">Zuckerberg Surpasses Warren Buffet To Become Third Richest Person In The World</a>
Zuckerberg recently appeared before Congress over allegations that Russia used Facebook ads to influence the outcome of the U.S. presidential election in 2016. The company also revealed that third-party companies such as Cambridge Analytica had been scraping users' profile data and using it to target them with political ads.
Now, Facebook became the first company in the history of the world to lose well over $100 billion in a single trading day. The stock price fell by more than 19 percent in the record fall which is being attributed to their poor quarterly report. When the market closed on Wednesday, Facebook's market cap was around $630 billion. At market close on Thursday, the company's market capital had dropped to around $500 billion.
Related coverage: <a href="https://thegoldwater.com/news/28143-Facebook-Bug-Exposes-14-Million-Users-Private-Profiles">Facebook "Bug" Exposes 14 Million Users' Private Profiles</a>
<img src="https://media.8ch.net/file_store/2d9c487323aa67f3886c45640d3ce1c7b6f94fe3c3f1e66c06b733591a8ea61d.jpg" style="max-height:640px;max-width:360px;">
Analysts such as Nomura Instinet's Mark Kelley downgraded Facebook's stock to neutral from buy saying, "With stagnating core user growth, we think there is too much near- to mid-term uncertainty to recommend shares at this point." Good luck catching up to Amazon's Jeff Bezos as the world's richest man now Zuckerberg!
(Quick note: At the time this article was published, Facebook's stock continues to slide in the aftermarket hours)
<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">Facebook's stock is sliding again <a href="https://t.co/p92C1yAlFz">https://t.co/p92C1yAlFz</a> <a href="https://t.co/0gL2jlIWwd">pic.twitter.com/0gL2jlIWwd</a></p>— Bloomberg (@business) <a href="https://twitter.com/business/status/1022557360064221184?ref_src=twsrc%5Etfw">July 26, 2018</a></blockquote>
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