Facebook’s shares cratered yesterday, racking up the biggest single-day wipe-out in stock market history. The company lost $119 billion dollars of market capitalization in a single day. There are fewer than fifty stocks in the U.S. that have a total market value of $119 billion. Zuckerberg’s fortune fell by almost $16 billion yesterday.
Sophie Caronello reports at Bloomberg:
It’s official. Facebook Inc. just had the biggest stock-market wipeout in American history. Shares tumbled 19 percent on Thursday to close at $176.26 after sales and user growth disappointed investors. The drop translates to a $119.4 billion decline in market capitalization, the largest-ever loss of value in one day for a U.S. traded company.
Read more here.
Jeremy Jones, CFA
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