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Jul 27 2018

Facebook Sucks

Facebook just had the worst day in stock market history
by David Goldman, CNN
July 26, 2018

Shares plunged 19% on Thursday after executives warned that revenue growth would slow as the company focuses on user privacy.

The sell-off vaporized about $119 billion in market value — the biggest single-day loss for any public company in history, according to Thomson Reuters.

For founder Mark Zuckerberg, the loss came to almost $16 billion, according to Forbes, which tracks billionaire wealth in real time. That dropped him from fourth to sixth on the list of richest people in the world.

Facebook (FB) Chief Financial Officer David Wehner said on a conference call with investors that Facebook is “putting privacy first” after the Cambridge Analytica scandal triggered a wave of horrible press, customer angst and regulatory scrutiny around the world.

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