Facebook's US$119 billion one-day loss makes USA history

Zuckerberg loses $16 bn as Facebook shares plunge after profit warning

The platform has been accused of helping violence spread in Myanmar, India and Sri Lanka.

Mark Zuckerberg's loss of $15.8bn is equal to the total wealth of the world's 81st-richest person.

That "bombshell", as one analyst termed it, played into concerns on Wall Street that Facebook's model could be under threat after a year dominated by efforts to head off concerns over privacy and its role in global news flow. A #DeleteFacebook campaign didn't have any "material impact" on the bottom line, COO Sheryl Sandberg said earlier this year.

The company has faced tremendous scandals from both the Cambridge Analytica debacle and many questions from users about fake news and misinformation.

The report was a relief to investors in the USA technology sector, still reeling from a profit warning by Facebook Inc Wednesday that plunged its stock 19 percent.

Slowing revenue growth initially pulled the stock down almost 9 in after-hours trading on Wednesday before losses picked up on the margin outlook.

Facebook's shares later rebounded, but at the time of this writing they remained deep in the red, down by a little more than 20%.

Facebook Inc Chief Executive Officer Mark Zuckerberg's fortune took an nearly $16 billion hit on Thursday, as the social media giant headed for the biggest one-day wipeout in US stock market history, a day after executives forecast years of lower profit margins.

RBC Capital Markets analyst Mark Mahaney said the drop creates a rare buying opportunity for Facebook shares. Quarter after quarter, Facebook has been a remarkably reliable growth machine.

The "Dispatches" show featured an undercover reporter who went to work at Irish staffing firm CPL Resources, which acts as Facebook's largest centre for United Kingdom content moderation.

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Francesco Molinari has taken the outright lead at the British Open for the first time, and Tiger Woods is still not out of it. It was the first time since 2007 that he trailed going into the final round of a major, had the lead and failed to win.

The new $10 million bump works out to an extra $27,000 a day Facebook is spending on protecting its chief. A Facebook spokesman declined to comment.

The world thinks Facebook is invincible, with over 1 billion daily active users, billions of images and videos uploaded every month.it is ingrained in our very social fabric.

The General Data Protection Regulation (GDPR) in the European Union also will cause a revenue drop.

"GDPR was an important moment for our industry", Zuckerberg said Wednesday, acknowledging the decline.

Looking ahead, we will continue to invest heavily in security and privacy because we have a responsibility to keep people safe.

More lucrative than sales of goods that Amazon owns, third-party transactions offer the company a commission that increases significantly when merchants choose to hand over fulfilment and advertising to Amazon, as many do.

But Facebook's recent woes appear to be more than just a temporary bump in the road.

"The Teflon has been scratched away", said Bob O'Donnell, head of Technalysis Research.

In addition, the company expects to invest in products like Stories "that now have lower levels of monetization", while the introduction of new controls for users to limit their data-sharing with Facebook "may have an impact on our revenue growth", the CFO said.

On the call, Jefferies & Co. analyst Brent Thill said that "many investors are having a hard time reconciling that deceleration".

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