More than $118bn (£90bn) has been wiped off Facebook’s market value, including a $16bn hit to the fortune of its founder, Mark Zuckerberg, after the company told investors that user growth had slowed in the wake of theCambridge Analytica scandal.
Facebook’s shares plunged by 19.5% on Thursday when the stock market opened in New York, a day after the Silicon Valley company revealed that 3 million users in Europe had abandoned the social network since the Observer revealed the Cambridge Analytica breach of 87m Facebook profiles and the introduction of strict European Union data protection legislation.
The collapse of Facebook’s share price puts the social network on track for the biggest ever one-day drop in a company’s market value. Shares fell to $175 in early trading on Thursday, valuing the company at $501bn, a drop of $118bn from a record high of $619bn on Wednesday. The previous biggest collapse came in 2000, when Intel lost $91bn in a day.
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