Facebook stock plummets in record one-day drop

Facebook stock plummets in record one-day drop
© Greg Nash

Facebook stock plummeted 19 percent on Thursday after the company revealed that second-quarter earnings fell short of estimates, the biggest single-day monetary loss for any public company ever.

The company lost about $119 billion in market value as its stock value dropped: It had been trading at $217.50 a share on Wednesday before the earnings report was released, but was down to $176.26 on Thursday, according to CNN.

Facebook founder and CEO Mark ZuckerbergMark Elliot ZuckerbergHillicon Valley: Trump seeks review of Pentagon cloud-computing contract | FTC weighs updating kids' internet privacy rules | Schumer calls for FaceApp probe | Report says states need more money to secure elections Maxine Waters says her committee will call in Zuckerberg to testify about Libra Hillicon Valley: Lawmakers struggle to understand Facebook's Libra project | EU hits Amazon with antitrust probe | New cybersecurity concerns over census | Robocall, election security bills head to House floor | Privacy questions over FaceApp MORE said during an earnings call Wednesday that the company will focus on privacy issues in the future, and that the new priorities could financially cost the platform.

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“Looking ahead, we will continue to invest heavily in security and privacy because we have a responsibility to keep people safe,” Zuckerberg said. “But as I've said on past calls, we’re investing so much in security that it will significantly impact our profitability.”

Zuckerberg’s own net worth took a significant hit as the stock fell, losing about $15.4 billion dollars according to Forbes. He dropped two spots on Forbes’ ranking of the world’s billionaires as a result, landing at the No. 6 spot.

Facebook has faced intense scrutiny over privacy issues and the spread of disinformation or "fake news." Zuckerberg testified before Congress earlier this year after it was revealed that political consulting firm Cambridge Analytica improperly obtained data of 87 Facebook million users.