Facebook sued after $120 billion loss of shareholder wealth

Facebook sued after $120 billion loss of shareholder wealth

On Thursday, the company's shares plunged 19 percent, which vaporized about $119 billion of its market value.

Slowing revenue growth initially pulled the stock down almost 9 in after-hours trading on Wednesday before losses picked up on the margin outlook. Compared to past year, Facebook's margins dropped three percent in its second quarter.

But not to forget that his annual salary is $1 and also not to forget ever that he is among the top 20 billionaires with a net worth of $71 billion according to Forbes but just recently he lost $15.4 billion in one day. Questions of data privacy, fake news proliferation and user growth have dogged the company.

Shares in Alphabet closed up 0.7%, while those in Apple fell 0.3% and Netflix closed barely higher. Amazon.com was up 2.3% following its own results after the bell on Thursday.

Their median target price now sits at $219.30. Out of 47 analysts covering Facebook, 43 still mark Facebook's stock as "buy", while two say "hold" and two others say "sell".

Samsung developing an 'unbreakable' flexible display
These tests meant the panel was dropped 26 times in a row at varying angles and temperatures from 1.2 metres. The reported device has a screen that can be folded in half like a wallet and features a 7-inch display.

The Full Manchester United Vs AC Milan Penalty Shootout
Taking his second penalty, United's Ander Herrera made no mistake and converted it successfully. The two teams had to take 13 penalties each to finally decide the victor between the two.

New Lamborghini Aventador SVJ smashes 'Ring lap record!
Watch the in-car video showing the entire 6m 44.97-second lap with factory driver Marco Mapelli behind the wheel. Lamborghini says that the Jota follows company tradition for "denoting a car's track-focused talent".

MoffettNathanson analysts called the company's forecast "either the new economic reality of their business model or a very public act of self-immolation to stave off further regulatory pressure".

"The guidance from management over their expectations for revenue growth to decelerate so markedly for the rest of the year did take us, and the market, by surprise", said Christopher Rossbach, chief investment officer at J. Stern & Co.

But Facebook having fared well on the stock markets, most investors were not unduly bothered about Zuckerberg's leadership.

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

Related Articles