MarketWatch reports the decline, which erased about $120 billion Dollars in market value, is both the largest single-day percentage drop ever and the largest market value loss in a single day, as well. Facebook on Wednesday reported second-quarter sales and user growth that fell short of analysts' projections.
Shares of Facebook plunged 19% in trading Thursday, as investors reacted to signs that the social-media giant's user and revenue growth are significantly slowing down. The company's user base flatlined in its biggest market, the US and Canada, at 185 million daily users, while declining 1% in Europe to 279 million daily users.
Facebook Inc (:FB.O) Chief Executive Mark Zuckerberg's fortune took a more than $15 billion hit on Thursday, as the social media company suffered the biggest one-day wipeout in US stock market history a day after executives forecast years of lower profit margins.
While Facebook faces the worst week in the company's history, it still holds the world's largest repository of user information. We're starting to see that this quarter.
The proposal by Trillium Assets Management, which manages about $11 million in Facebook stock, said an independent chairman is needed to break up Zuckerberg's conflicting dual role as chairman and chief executive officer. It was the first full financial report since Facebook became embroiled in the Cambridge Analytica scandal in March.
Facebook's shares later rebounded, but at the time of this writing they remained deep in the red, down by a little more than 20%.
FC Barcelona have confirmed the arrival of Brazilian winger Malcom
Malcom featured 36 times last season across all competitions, scoring 12 goals and registering seven assists. But he has now made a decision to join the Spanish champions and will have his medical on Wednesday.
He added that quarterly revenue growth would be closer to 30% for the rest of the year, due to currency fluctuations and users choosing to have less personalised adverts as they opt out because of the European Union's General Data Protection Regulation (GDPR).
The figure includes real people, rather than accounts since people can have multiple accounts on a single app, founder and CEO, Mark Zuckerberg said.
As analysts pounded Facebook executives on the call about the company's expected deterioration in its financial results, its stock continued to sink.
Facebook has faced dozens of lawsuits over its handling of user data in a scandal also concerning the United Kingdom firm Cambridge Analytica.
Also alarming to investors: Facebook's growth is slowing with users in some of its most lucrative markets. "In previous years, companies were not valued as highly as Facebook is, so their losses were smaller".
Looking ahead, we will continue to invest heavily in security and privacy because we have a responsibility to keep people safe.
"We think that's the right thing to do for the business", he said.