It was reportedly the biggest one-day loss in market value by any company in United States stock market history.
Facebook Inc and its chief executive Mark Zuckerberg were sued on Friday (July 27) in what could be the first of many lawsuits over a disappointing earnings announcement by the social media company that wiped out about US$120 billion (S$163.43 billion) of shareholder wealth.
So far, three class-action suits have been filed by shareholders claiming that Facebook made false and misleading statements to investors including lack of disclosure around monetization associated with Instagram Stories.
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We are playing just to try to survive and not have some ugly results. "Alexis is the only attacking player we have". The reinforcements are Pogba, [Marouane] Fellaini, [Victor] Lindelof, Rashford, Lingard, Matic, [Antonio] Valencia.
Yet the decline merely returned Facebook shares to a level last seen in early May. "It's the F in FAANG, but what's to say that, 10 years from now, Facebook isn't the next Myspace and something else has taken its place?" Now, it is investing heavily on fixing those problems.
Facebook has faced a series of crises over the past two years, starting with Russian interference on the platform during the 2016 election and continuing with this year's Cambridge Analytica data privacy scandal.
The previous record drop was by Intel in September 2000, when it lost $91 billion in market capitalization.
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In addition to the normal curriculum, I Promise will provide resources to students' families and include an on-site food bank. "Growing up I was a Cowboys fan, I was a Bulls fan, I was a Yankees fan". "You look at the Lakers", said James.
Founder Mark Zuckerberg, who has a 13 per cent stake in Facebook, saw his fortune dropped by more than $US12 billion ($A16 billion) in less than 24 hours, to around $74 billion ($A100 billion).
The revelation of a massive data leak in March was another factor that hurt the U.S. social networking giant. The complaint also aimed at the company's failure to report falling operating margins and the significant decline in active users.
Facebook shares significantly fell (around 0.8 percent), closing at about $174.89 on the Nasdaq.
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Before we pull the plug on everything, let's see how the Trump administration handles this development. The unified teams will mark the first time the two Koreas compete together in the Asian Games.
These quotes and average results from its second quarter caused Facebook's stocks to drop a whopping 19 per cent overnight.