After having the slowest quarter in its existence, Facebook market value plummeted Wednesday by over $100 billion, making it the largest single-day drop in market history.
No company has ever lost $100 billion in the history of the U.S. stock market in one day. Facebook lost about $120 billion to about $508 billion — more than a 19-percent drop, according to CNBC. The stock market is typically reactionary and Facebook is likely to bounce back.
Facebook founder and CEO Mark Zuckerberg felt the heat of the stock drop, personally losing $15.1 billion, Time reported. When the market closed Wednesday, Facebook’s market cap totaled nearly $630 billion.
“With stagnating core user growth, we think there is too much near- to mid-term uncertainty to recommend shares at this point,” said Nomura Instinet’s Mark Kelley, who downgraded the stock to neutral from buy, CNBC reported.
The next two largest drops in market history came in 2000. Intel lost $90.74 billion in market value Sept. 22, 2000; Microsoft lost $80 billion later that year.
As The Daily Caller News Foundation reported Wednesday, Facebook had the slowest quarter in the company’s history. It missed three key expectations: active daily users, active monthly users and revenue.
The social media giant has come under fire for its alleged political censorship of conservatives and questionable data collection practices, leading to less active users and therefore less revenue. (RELATED: Facebook Removes Activist Pages Ahead Of Brazilian Election)
Facebook changed its algorithms to prioritize users’ activity over news to fight fake news, which hit conservative news outlets the hardest, while the engagement numbers of most predominantly liberal publishers remain unaffected.
One conservative news site, Independent Journal Review, has already been forced to lay off a massive amount of its staff, TheDCNF reported in February.
Facebook even censored a post of the Declaration of Independence on the Fourth of July, TheDCNF reported.
“The post was removed by mistake and restored as soon as we looked into it,” a Facebook spokeswoman told TheDCNF July 5. “We process millions of reports each week, and sometimes we get things wrong.”
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