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HomeNewsInternational NewsFacebook faces record breaking downfall in stock market history; $120 billion gutted in a day
Friday, 27 July 2018 11:24

Facebook faces record breaking downfall in stock market history; $120 billion gutted in a day

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The social media giant Facebook, which has been through difficult times due to its own errors in not having stringent data protection mechanisms, faced the biggest one-day drop in stock-market history. The 19 percent drop vaporized $119 billion of the company's stock-market value on July 26.

Also, CEO Mark Zuckerberg saw his net worth fall by roughly $16 billion as a result. It was Facebook's worst trading day since going public in 2012; the collapse eclipsed Intel's decline of $91 billion in September 2000, without adjusting for inflation.

Now the analysts as well as investors are worried if it would become a permanent feature.

Zuckerberg even noted during a call with analysts that "we're investing so much in security that it will significantly impact our profitability.

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