It was enough to cause Facebook’s market capitalisation to plummet $US119.4 billion as the company’s disappointing results – as well as a discouraging upcoming quarterly forecast – caused a massive stock market sell-off.
As this chart from Statista shows, the almost $US120 billion drop is the biggest single-day market cap loss suffered by a US public company, beating out Intel’s $US90 billion drop in 2000.
Despite the record-breaking loss, Facebook’s current price of $US174.89 is still above its share prices in late March following news that data company Cambridge Analytica harvested millions of user profiles illegitimately.
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