Economy

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

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

Shares of Apple, which is set to report quarterly results on Tuesday, fell 1.7 per cent. Shares of Microsoft and Alphabet, which had soared after both companies recently reported strong quarterly results, dropped 1.8 per cent and 2.5 per cent, respectively.

The lawsuit is designed for class-action status and seeks unspecified damages.

Zuckerberg had been tied with Warren Buffett as the world's fourth-richest person, but the Berkshire Hathaway Inc (BRKa.N) chairman's current $83 billion fortune tops Zuckerberg's $66 billion, Forbes magazine said.

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.

More news: Mars Express Just Discovered a Subsurface Liquid Water Lake on Mars

Mr Buffett now ranks third among the world's billionaires, while Mr Zuckerberg is sixth. He believes that it is about time Facebook considers a change in leadership.

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.

It is even expected for growth rates to continue declining by "high single-digit percentages", and is said to happen each of the next two quarters.

For more than a year already, Facebook and other social media companies have been under fire courtesy of policy makers and regulators. And the increased spending aims, among other things, to prevent a replay of the fake news and propaganda that Russian agents unleashed on an unguarded Facebook in an attempt to sway the 2016 presidential election.


  • Mugabe says he will vote for the opposition in Monday's poll

    Mugabe says he will vote for the opposition in Monday's poll

    With 5.6 million registered voters, the results of the presidential, parliamentary and local elections are expected by Aug 4. The frontrunners in addressing these challenges are Zanu-PF's President Mnangagwa, 75, and the MDC's Mr Chamisa, 40.
    3 dead, 7 wounded after gunmen in New Orleans fire on crowd

    3 dead, 7 wounded after gunmen in New Orleans fire on crowd

    Crimestoppers is offering a $5,000 reward for information leading to an arrest in the case. "This has to be personal", he said. Three people were killed and another seven injured in a shooting in New Orleans on Saturday, July 28, 2018.
    NY  moves to kick out state's largest cable provider

    NY moves to kick out state's largest cable provider

    Spectrum has 30 days to contest an order to leave NY , which was issued Friday by the state's public service commission. The commission also approved a lawsuit to seek additional penalties from the company, particularly greater fines .
  • Cohen wants gag order against Stormy Daniels' attorney

    Cohen wants gag order against Stormy Daniels' attorney

    But Avenatti said the women, who contacted him months ago, were " paid hush money prior to the 2016 election ". Avenatti, or have any interest whatsoever in cooperating with Mr.
    Kevin Durant calls Oklahoma City 'Home' in podcast with C.J. McCollum

    Kevin Durant calls Oklahoma City 'Home' in podcast with C.J. McCollum

    We can win a championship, bro" - Durant couldn't stop laughing. A play-fight between Kevin Durant and C.J. McCollum: "I was mad, I got on Twitter ".
    Palestinian Ahed Tamimi freed from jail

    Palestinian Ahed Tamimi freed from jail

    Ahed will be released along with her mother Nariman at the Jabara checkpoint near the Palestinian city of Tulkarem. Ahed al-Tamimi exits an armored military vehicle following her release from an Israeli prison on Sunday.
  • CBS To Investigate Misconduct Allegations Against CEO Leslie Moonves

    CBS To Investigate Misconduct Allegations Against CEO Leslie Moonves

    Douglas then tried, as so many women do, to brush off the incident and find a way to extricate herself without insulting her boss. Moonves status will not change as CEO and the board voiced its "full support" of the leader in CBS' entertainment industry.
    Geraint Thomas wins Tour de France

    Geraint Thomas wins Tour de France

    Fellow Team Sky rider Chris Froome headed into this year's tour as the overwhelming favourite as he targeted a fifth triumph. You've just been unbelievable . "Now he's being repaid for all the years of hard work and sacrifice he made for the team".
    The blood moon lunar eclipse is here (and so is Mars)

    The blood moon lunar eclipse is here (and so is Mars)

    The total eclipse would be visible over most of Europe, Asia, Australia, Africa and South America on Friday and Saturday. Skygazers in South America will be able to see part of the final stages of the eclipse just after sunset on July 27.
  • Abdullah endorses USA  talks with Taliban in Qatar

    Abdullah endorses USA talks with Taliban in Qatar

    NYT described the meetings as "a reversal of a longstanding United States policy" of not holding direct talks with the Taliban . Waziri declined to comment, however, on whether the government was aware that the Americans had met with the Taliban in Doha.
    USA  wants a fair trade deal, Donald Trump tells European Union  leaders - Ireland

    USA wants a fair trade deal, Donald Trump tells European Union leaders - Ireland

    USA import tariffs of 25% on steel and 10% on aluminium, implemented in March, will remain in place during the talks. Agricultural products were excluded from the planned negotiations on a tariffs agreement, she said.
    MLB Rumors: Cubs Acquire Pitcher Cole Hamels In Trade With Rangers

    MLB Rumors: Cubs Acquire Pitcher Cole Hamels In Trade With Rangers

    He played for the Phillies from 2006 to 2015 and won a World Series, a World Series MVP and an NLCS MVP with them in 2008. All-Star Jon Lester and Mike Montgomery , who began the year in the bullpen, have been their most consistent performers.