Facebook’s $120 billion loss biggest in US stock market history
Facebook on Thursday posted the largest single-day loss of $120 billion in market value by any company in the US stock market history. Facebook’s market value is now about $508 billion as its stock price lost more than 19% after it reported its slowest-ever user growth rate. Facebook surpassed Intel’s worst single-day loss of $90.74 billion market value in 2000.
Facebook Inc. has racked up plenty of milestones in its pioneering journey. Now the social-media giant has added another one that it would have rather avoided: the biggest stock-market wipeout in American history.
Shares tumbled as much as 20 percent in New York on Thursday as sales and user growth disappointed investors. This translates to a $124 billion decline in market capitalization, which is the largest ever loss of value in one day for a U.S. traded company.
Facebook could crack the $100 billion mark for one-day losses
Note: Facebook value as of 9:45 a.m. New York Thursday