Wednesday, 27 October 2021

Facebook just lost $120b in a 1-day

NEW YORK: Facebook has just lost billions of dollars in value, making it one of the biggest one-day corporate losses in US stock market history.

The company dropped $120 billion (£91 billion) in shareholder value yesterday (July 26) after it disclosed that its quarterly revenue did not live up to expectations.

The drop of 19% in shares has also cost founder and CEO Mark Zuckerberg $15 billion (£11 billion), and comes a few months after the Cambridge Analytica scandal.

Earlier this year, Zuckerberg testified before US congress about his handling of the Cambridge Analytica data scandal – a mass data breach of user information. The company admitted that as many as 87 million users may have had their data stolen by the firm, which was also linked to Donald Trump’s presidential campaign in 2016.

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