Economy

Facebook Might've Just Had The Worst Day In Stock Market History

Facebook Might've Just Had The Worst Day In Stock Market History

Mr Kacouris said the marketplace was "shocked" when "the truth" began to emerge on Wednesday from the Menlo Park, California-based company.

The lawsuit seeks class-action status and unspecified damages.

Facebook's decline significantly outpaced the $91 billion that Intel lost in September of 2000, during the original dot-com bust.

It's been a rough year for Facebook and its investors.

Both the slower growth forecast and heavier spending reflect problems largely of Facebook's own making.

The company's stocks dropped to $176.26, an overall 19 percent decrease in market value.

Daily Wire believes the cause of the losses lie at the feet of the data leak scandals Facebook has gone through recently, in particular Cambridge Analytica. Many have been consolidated in the federal court in San Francisco.

Thursday's plunge also hit Mr Zuckerberg's bottom line. Microsoft lost $77 billion in a day during the dot-com bust, according to Bloomberg.

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

Intel previously held that record with a $US91 billion ($A123 billion) one-day collapse back in September 2000. The drop also affected the net worth of the founder and the largest shareholder of the company - Mark Zuckerberg, which decreased by $15 billion and now stands at $67 billion.

The revelation of a massive data leak in March was another factor that hurt the U.S. social networking giant. This had been recorded the biggest drop in USA history till date.

"There's a bit of concern perhaps growing that the bloom's off the rose for these tech stocks, that they are not invincible", said Tim Ghriskey, chief investment strategist at Inverness Counsel in NY. Technology companies account for six of the 10 biggest companies in the S&P 500 Index. Last week had not been good for one of the most popular social media company, Facebook as it released biggest drop in its share prices in one single session.

For the week, the Nasdaq shed 1.1 per cent, but the S&P rose 0.61 per cent.

Facebook shares fell as much as 23 percent in after-hours trading when Facebook reported its second-quarter earnings.

As expected, most investors grumbled, though some were happy especially since the stock surged.


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