CBS News reports:
Facebook lost about $120 billion of its value on Thursday, marking the biggest one-day loss in U.S. market history. The company’s shares plunged $41.24, or almost 19 percent, to $176.26 a day after the social media giant reported disappointing results.
The slide is the largest decline market capitalization in history, exceeding Intel’s $91 billion single-day loss in September 2000, according to Bloomberg data.
Founder and CEO Mark Zuckerberg, who has a 13 percent stake in Facebook, saw his fortune dropped by more than $12 billion in less than 24 hours, to around $74 billion. The report, which marked Facebook’s first full quarter since the Cambridge Analytica scandal, startled investors with a bevy of red flags about setbacks to its revenue and user growth.