There’s an explanation to Facebook’s on-going woes, including today’s record-breaking loss in Market Value, and it’s a simple one: karma. And on a random note, how about that Pay for Boost?
“Shares of Facebook plunged 19% in trading Thursday, as investors reacted to signs that the social-media giant’s user and revenue growth are significantly slowing down.
The stock drop, to its lowest levels in nearly three months, wiped out nearly $120 billion in market capitalization for Facebook and dragged down other internet and tech stocks including Twitter and Snap. Facebook’s market cap was $629 billion at market close Wednesday, and ended the day Thursday at around $510 billion. The massive drop in market value represented the biggest single-day decline in history for any publicly held company, according to Thomson Reuters data.
Facebook CEO Mark Zuckerberg’s net worth plummeted more than $15 billion with the stock dive, although it’s still around $67 billion, according to Forbes’ real-time net worth tracker.”—TODD SPANGLER/Variety