Mark Zuckerberg’s fortune tumbles $16.8 billion in a day

Facebook shares sink 8% as Q2 revenue and user growth misses analyst estimates

Facebook stock hammered after earnings miss, slow growth forecast

The GDPR has also forced several changes to Facebook's privacy terms and sign-up process, leading to some users to opt for non-personalised adverts, which generates less revenue. But the slowdown in growth has spooked investors.

Investors lashed out at the stock after digesting the company's weak financial forecast and middling second-quarter numbers delivered after the closing bell yesterday.

Facebook's user base and revenue grew more slowly than expected in the second quarter of 2018 as the company grappled with privacy issues, sending its stock tumbling after hours. It marked the biggest single-day drop in U.S. stock-market history.

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Facebook lost about $130 billion in market value in just two hours, its steepest stock decline ever, and the personal wealth of Facebook co-founder and chief executive Mark Zuckerberg also took a major hit, Mark Zuckerberg lost almost $17 billion in just two hours on Wednesday. In the United Kingdom, especially, Facebook drew the ire of lawmakers, who hit the social network with a $650,000 fine, the maximum amount allowable for mishandling user data. Misinformation on WhatsApp contributing to mob killings in India have added to the pressure on Facebook to re-evaluate how its services maintain security and decorum. "Call us cynical, the shot-out that GDPR can be blamed for slower forward growth may be seen in Brussels as a sign that their work is done". Facebook's falling stock price has erased more than $110 billion in market value, which would be the largest one-day loss of any publicly traded company. Founder and CEO Mark Zuckerberg went on an apology tour and testified before Congress and British Parliament regarding the company's practices. They could similarly disadvantage smaller, lesser known companies that don't have the resources to comply and which could face big fines if they don't. 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. "We are committed to investing to keep people safe and secure, and to keep building meaningful new ways to help people connect", chief executive Mark Zuckerberg said.

Brent Thill, an analyst at Jefferies LLC, said: "I think many investors are having a hard time reconciling that deceleration".

Despite the focus on Facebook's role in the affair, its shares have increased 23 percent since the beginning of the year, compared with a 6.5 percent rise for the Standard & Poor's 500 index.

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Describing the announcements as "bombshells", Baird analysts said the issues were to a large degree "self-inflicted" as Facebook sacrifices its core app monetization to drive usage. The social network missed analysts' expectations of $13.36 billion in revenue, while Q2 2018 marked its slowest ever user growth rate.

But Facebook, which reported sales growth averaging 50 percent the past 10 quarters, may just be lowering the bar so it can win back confidence in future quarters.

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