On Thursday, Facebook's stock price fell by more than 19 percent, keeping the social media site on its way to posting the largest one-day loss in market value by any company in U.S. stock market history and also the worst in Facebook's history.
As trading came to a close on Wednesday, Facebook's market capitalization had plummeted by about $120 billion to about $508 billion. No company in the history of the U.S. stock market has ever lost $100 billion in market value in just one day.
Facebook surpassed Intel and Microsoft as the biggest losses in 18 years. Intel lost $90.74 billion in market value on Sept. 22, 2000 and Microsoft lost $80 billion all on April 3, 2000.
The company, owned by Mark Zuckerberg, 34, recently reported weaker than normal revenue for the second quarter and low numbers of global daily active users. Facebook also said it "expects its revenue growth rate to slow in the second half of this year."
The massive one-day loss pushed Zuckerberg out of his #4 spot in Forbe's list of the world's billionaires as he dropped to #6 right behind Amancio Ortega, the founder of Inditex. The 34-year-old now has a measly net worth of $67 billion.
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