Tech Podcast: Zuckerberg's riches take a hit as Facebook stock plunges : Bulletin

Facebook had the largest-ever loss of value in one day for a US traded company

Kacouris stated that the marketplace, in one way or another, was "shocked" the moment "the truth" began to surface on Wednesday from the very headquarters of Facebook. He said that it stemmed from various federal securities law violations by the company.

So far, three class-action suits have been filed by shareholders claiming that Facebook made false and misleading statements to investors including lack of disclosure around monetization associated with Instagram Stories. A Facebook spokeswoman declined to comment. "It's the F in FAANG, but what's to say that, 10 years from now, Facebook isn't the next Myspace and something else has taken its place?" Questions of data privacy, fake news proliferation and user growth have dogged the company.

Both the slower growth forecast and heavier spending reflect problems largely of Facebook's own making.

Shareholders often sue companies in the United States after unexpected stock price declines, especially if the loss of wealth is large.

Facebook is also battling several other suits relating to the handling of user data in the Cambridge Analytica case. Many have been consolidated in the federal court in San Francisco. According to him, there is at least 19 percent plunge in the Menlo Park, California-based company's shares the next day.

This allowed Buffer to rank third among the world's billionaires, while Zuckerberg ends up in the sixth spot.

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Facebook shares fell another 0.8 percent on Friday, closing at $174.89 on the Nasdaq.

Intel previously held that record with a $US91 billion ($A123 billion) one-day collapse back in September 2000.

A DE judge says he wants to hear from Facebook founder Mark Zuckerberg before ruling on attorney fees in a shareholder suit challenging a proposed stock reclassification.

The revelation of a massive data leak in March was another factor that hurt the USA social networking giant.

Had Facebook opened as low as it had fallen last night, it would have marked the biggest fall after an earnings release in history.

"There's a bit of concern perhaps growing that the bloom's off the rose for these tech stocks, that they are not invincible", said Tim Ghriskey, chief investment strategist at Inverness Counsel in NY. The complaint also aimed at the company's failure to report falling operating margins and the significant decline in active users.

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