Wipeout! Facebook sheds $100 billion in market value on fears about user growth
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(Worthy News) – Facebook shares dove 19 percent Thursday, shedding about $100 billion in market value, for the biggest one-day wipeout of stock market value for any U.S. company.
The decline, fueled by the social network’s slowing growth, marked Facebook’s largest market drop ever, eclipsing a 12 percent drop on July 27, 2012. Another 7 percent drop on March 19, the Monday after news of the Cambridge Analytica crisis broke, caused a $36.4 billion decline in Facebook’s market value.
Facebook’s one-day swoon surpassed Intel’s $91 billion loss in September 2000, the previous largest loss of value in one day, according to Bloomberg. The drop was based on all shares outstanding, Bloomberg said. [ Source: USA Today (Read More…) ]
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