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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: Russia-linked hackers hit Eastern European companies | Twitter shares data on influence campaigns | Dems blast Trump over China interference claims | Saudi crisis tests Silicon Valley | Apple to let customers download their data Public funds support proposal to remove Zuckerberg as Facebook chairman Obama responds to several excuses people give for not voting in new video 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.