Monday, 15 October, 2018

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

Mark Zukerberg's 2hrs loss is almost Nigeria's budget in 2017 Facebook could lose $151 billion in market capitalization today
Andy Castillo | 30 July, 2018, 21:31

In fact, about 175 companies in the S&P 500 are worth less than the $15.9 billion that vanished from the fortune of the Facebook Inc.co-founder as shares of the social-media giant plunged 19 percent Thursday.

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.

The plaintiff, James Kacouris, filed the lawsuit Friday seeking class action status and to recover damages. The complaint also aimed at the company's failure to report falling operating margins and the significant decline in active users.

Facebook did not immediately respond to a request for comment. Furthermore, the growth in the number of daily average users is slowing down as well.

Facebook has faced a series of crises over the past two years, starting with Russian interference on the platform during the 2016 election and continuing with this year's Cambridge Analytica data privacy scandal. Since then, many have been consolidated in the federal court in San Francisco.

Thursday's plunge also hit Zuckerberg's bottom line.

Kimi Raikkonen says Ferrari orders 'didn't change anything'
The summons came more than an hour after the end of the race at Hockenheim , after the podium presentations and news conferences. It was a sea of red and then you've got a British flag in there.

Mr Buffett now ranks third among the world's billionaires, while Mr Zuckerberg is sixth.

Facebook shares fell as much as 23 percent in after-hours trading when Facebook reported its second-quarter earnings.

Jake Dollarhide, chief executive officer of Longbow Asset Management in Tulsa, Oklahoma, in recent years has trimmed, but not eliminated, the amount of Facebook shares in his clients' accounts, and he said he sees the company as a three-year investment.

"Nobody knows where the top is, where that growth slows down", said Phil Bak, CEO of Exponential ETFs and a former managing director of the New York Stock Exchange who said he's been warning investors of a potential sell-off in large tech stocks.

For more than a year already, Facebook and other social media companies have been under fire courtesy of policy makers and regulators.

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