Zuckerberg loses more than $15 billion in record Facebook fall

Zuckerberg loses more than $15 billion in record Facebook fall

Zuckerberg loses more than $15 billion in record Facebook fall

Facebook's shares fell 16 per cent to $181.89 as of 5.30pm ET, according to Forbes. Facebook faced the biggest one-day wipeout in USA stock market history of $119 billion, a day after executives forecast years of lower profit margins.

Facebook founder and current centre of controversy, Mark Zuckerberg, seemed unfazed by the loss of users. His fortune tumbled in late trading Wednesday, as shares of the social media giant slid 20% in post-market trading in NY on disappointing results. If that holds through Thursday's close, he will slide to sixth place from third on the Bloomberg Billionaires Index. It would also wipe his $13.7 billion of gains for the year, leaving him with just less than $70 billion.

The privacy issue is a concern for the whole tech sector, as it could make it harder for these companies to sell user data or use it to make their products more effective. While the company reported a growth in all markets, its overall revenues missed analyst estimates. Although Facebook was trading a shade over $150 after the Cambridge Analytica Scandal, it now sits just over $175. The share price was on its way to the biggest single-day drop in the company's history. MarketWatch reports the decline, which erased about $120 billion Dollars in market value, is both the largest single-day percentage drop ever and the largest market value loss in a single day, as well. In recent trading, they were down $43.99, or 20.2%, to $173.51 a share. And the company told Wall Street the numbers won't get any better this year. Facebook's Chief Financial Officer warned that revenue growth would "decline by high single-digit percentages" until 2019.

As many of you who regularly commute by public transport, or those who watched the World Cup may, have noticed Facebook has been on a push to regain user trust following its privacy scandals.

Or the situation could showcase the potential for GDPR to mess things up, as it would appear that European Union citizens are becoming more concerned about their data privacy.

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The financial blow is a shock, but it may not be the most concerning part for Facebook in the long run.

Trillium's proposal, if greenlit by investors including Facebook's own management, would require the company to appoint an independent chairman, breaking up Zuckerberg's dual role as CEO and chairman. "Facebook has also been sucked into the probe into alleged Russian meddling in the 2016 presidential election".

The company said for the first time that more than 2.5 billion users interact with at least one of its apps each month, but analysts have said many of them are spending more time with Messenger, WhatsApp and Instagram.

Brian Wieser at Pivotal Research Group said the company appears to have hit a "wall" on growth in advertising.

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