Facebook Might've Just Had The Worst Day In Stock Market History
30 July, 2018, 21:31 | Author: Dave Hampton
Facebook and its CEO Mark Zuckerberg are facing a lawsuit over his company's historic stock market plunge where it lost close to US$120bn in a single day, the most in U.S. history.
Other big Facebook investors also took a hit as disappointing second-quarter results obliterated $119 billion of market value, the most ever in a day for a USA company.
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. According to Thomson Reuters, this is the biggest single-day loss for any public company in history.
Facebook said in its earnings report last week that it anticipated slower revenue growth and slimmer margins in the future, in part to improve the safety and privacy of the platform. He said that it stemmed from various federal securities law violations by the company.
The Cambridge Analytica scandal forced the company to be more conscious of its privacy policies and allow users more control over their data.
The company has reported dismal earnings, which seem to show that Facebook's growth is stagnating. Many have been consolidated in the federal court in San Francisco.
Mr Buffett now ranks third among the world's billionaires, while Mr Zuckerberg is sixth.
Facebook shares significantly fell (around 0.8 percent), closing at about $174.89 on the Nasdaq.
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. Scott Kessler, a representative from CFRA Research commented on the issue: "Legal/regulatory developments have led to changes meant to support FB's platform and users, but they will notably restrain growth and profits for at least the next couple of quarters, in our opinion".
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