Facebook loses $100 billion in stock trading, the most in history

Facebook-Privacy_Scandal_Aftermath_69130-159532.jpg08646067

FILE – In this March 29, 2018, file photo, the logo for Facebook appears on screens at the Nasdaq MarketSite in New York’s Times Square. Facebook’s user base and revenue grew more slowly than expected in the second quarter of 2018 as the company grappled with privacy issues, sending its stock tumbling after hours. (AP […]

Facebook stock lost 19 percent of its value today, meaning the company lost at around $119 billion in market value in one day.

It is the largest one-day loss for a public company in market history.

Facebook founder Mark Zuckerberg, who owns a lot of Facebook stock, saw his personal stake drop about $15 billion.

The sell-off comes, in part, after Facebook announced its second-quarter revenue missed Wall Street analysts’ expectations by around $130 million and growth in the number of active users is slowing down.

Investors were also not happy with Facebook’s new strategy of focusing on privacy following the Canbridge Analytica data scandal.

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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