A drop in share price lowered the value of Facebook by a massive $118 billion - a record-breaking one-day drop in the value of a company.
After falling overnight on Wednesday, Facebook shares were down as much as 19.6pc at $174.78 each in early trading yesterday in the U.S., a decline that would wipe about $124bn off the company's value - or almost four times the entire market capitalisation of Twitter. The company's leaders, including its chief executive, Mark Zuckerberg, added that the trajectory was not likely to improve anytime soon, especially as Facebook spends to improve the privacy and security of users.
Facebook shares have fallen 19 percent, wiping $119 billion off the social media giant's value.
Facebook shares have been in the tank since the company released its earnings Wednesday afternoon. The company beat the profit forecast, with $1.74 per-share earnings. It was the first full financial report since Facebook became embroiled in the Cambridge Analytica scandal in March.
Splash page for the Internet social media giant Facebook.
"They're talking about currency headwinds, but more we think it's due to slower user growth given GDPR and more focus on privacy", Morningstar analyst Ali Mogharabi said.
Zuckerberg's own net worth took a significant hit as the stock fell, losing about $15.4 billion dollars according to Forbes.
"The implementation of GDPR gave a large number of Facebook users control over their privacy, and it should have been patently obvious to investors (and to us) that allowing users control would result in slightly lower engagement", he noted, alluding to Europe's General Data Protection Regulation privacy rule.
Overall, technology giants - Facebook, Apple, Google, Amazon and others - have enjoyed nearly unprecedented growth in revenue and stock price for years. Technology companies account for six of the 10 biggest companies in the S&P 500 Index.
Facebook had 2.23 billion monthly users as of June 30, up 11 percent from a year earlier.
And things are about to get worse.
The plunge came one day after the firm missed revenue forecasts for the second quarter and warned that growth would be far weaker than previously estimated.
Facebook is now down 3.2% this year.
Revenue increased 42 percent to $13.2 billion in the quarter. Wednesday may have been the first time this tension really broke into the open, probably because it threatened the one thing all investors care about: Money.
"With or without privacy issues, investors are scared that Facebook´s interactions, particularly with those under 25, are falling", Sheehan said. But the real question, he said, is whether the company can "continue to do what they are doing in the face of criticism from Wall Street".
Ben Bajarin, an analyst at Creative Strategies, calls this "new territory" for Facebook.
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