The shares of Facebook plunged in the biggest one-day drop in stock-market history yesterday. The 19 per-cent drop vaporized 119 billion US dollars of the company’s stock-market value, resulting into CEO Mark Zuckerberg’s worth fall by roughly 16 billion dollars.
It was Facebook’s worst trading day since going public in 2012, eclipsing Intel’s decline of 91 billion US Dollars in September 2000.
On Wednesday Facebook warned that its revenue growth would slow down significantly for at least the remainder of the year.
The collapse returned Facebook shares to a level last seen in early May when it still recovering from an earlier battering over its big privacy scandal.
A political consulting firm with ties to President Donald Trump improperly accessed the data of tens millions of Facebook users.