Social media giant Facebook’s shares plunged 19 per cent on Thursday, with 119 billion US dollars vanishing from the company’s stock-market value in a market spectacle that wouldn’t be forgotten for years to come.
Dubbed as the biggest one day drop in stock market history, it was Facebook’s worst trading day since the company went public in 2012, taking over Intel’s decline of 91 billion US dollars in September 2000.
The Wall Street debacle chipped off a whopping 16 billion dollars from Facebook CEO Mark Zuckerberg’s net worth.
On Wednesday, the social media giant had announced that its revenue growth might slow down significantly for at least the remainder of 2018. By the next morning, the shares returned to a level last seen in May when the privacy scandal hit the company hard.
In May 2018, the company’s shares had dropped amidst controversy regarding its privacy policies as a political consulting firm with ties to President Donald Trump had improperly accessed the data of tens millions of Facebook users.
(Featured Image – Washington Times)