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

Facebook had the largest-ever loss of value in one day for a US traded company

Facebook shares were down as much as 19.6 percent at $174.78 in early trading, a decline that would wipe about $124 billion off the company's value - or almost four times the entire market capitalization of Twitter Inc.

Ever since the Cambridge Analytica Scandal, Facebook had been the prime target for criticism. Although the sudden drop did not affect much on broader market, still the reactions made by investors and news channels were noticeable.

A DE judge says he wants to hear from Facebook founder Mark Zuckerberg before ruling on attorney fees in a shareholder suit challenging a proposed stock reclassification.

After a surprisingly weak growth forecast in this week's earnings report, Facebook's stock price dropped 19 percent.

There are several reasons for the declining revenue growth rate.

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Michael Connor, whose Open Mic group helps investors push tech companies to address privacy, abuse and other issues, said it's "far too early" to see if Facebook's efforts to improve itself will prove fruitful. For a company that generates revenue through targeted marketing that is heavily centered on personal data, this could turn out to be a big blow. Scott Kessler, a representative from CFRA Research commented on the issue: "Legal/regulatory developments have led to changes meant to support FB's platform and users, but they will notably restrain growth and profits for at least the next couple of quarters, in our opinion". People are switching to a functionality that is less monetizable.

New European privacy rules, inspired in part by Facebook's relentless mining of its own users' data, are starting to hamper the company's advertising business. Furthermore, the growth in the number of daily average users is slowing down as well.

The American technology entrepreneur, according to Forbes, is now worth $77.6 billion.

Those numbers are not just for its main Facebook site, but also across apps like Instagram and Whatsapp which are expected to have been behind the majority of the company's user growth.

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