Zuckerberg under fire as Facebook loses $123 billion in value

Zuckerberg & Facebook slapped with lawsuit for failing to warn investors of slowing growth

Zuckerberg & Facebook slapped with lawsuit for failing to warn investors of slowing growth

Investors who saw their stock plunge accused Facebook CEO Mark Zuckerberg, above, and other company officials of hiding a decline in the number of users.

Facebook shares plunged by 19 percent on Thursday, wiping off about 120 billion dollars off its market capitalization.

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

The stock initially dropped by 9 percent on Wednesday night due to a slow decrease in revenue recently.

Facebook Stock Decline Is Largest One-Day Drop in U.S. History
Facebook has been an omnipresent part of American news for what seems like all of 2018, and rarely with a positive connotation . Total net sales for the second quarter rose 39 percent to $52.9 billion, missing the average analyst estimate of $53.4 billion.

Facebook's legal storm seems endless, considering it has already faced dozens of lawsuits following its mishandling of user data. Many of those lawsuits have been reportedly consolidated in the federal court in San Francisco.

Mr Kacouris said the marketplace was "shocked" when "the truth" began to emerge on Wednesday from the Menlo Park, California-based company. But analysts attributed the user growth shortfall largely to European privacy rules that went into effect in May, not to the furor over the political consulting firm with ties to President Donald Trump, which improperly accessed the data of tens millions of Facebook users.

This allowed Buffer to rank third among the world's billionaires, while Zuckerberg ends up in the sixth spot.

Facebook founder and CEO Mark Zuckerberg lost United States dollars $15.7 billion today as Facebook stocks plummeted by 19%, reports CNN. The earnings report released by the company stated that the management expects the revenue growth to slow down significantly in Q3 and Q4.

Republicans launch bid to impeach U.S. deputy attorney general
A House Republican aide said the two lawmakers were not attempting to force quick action on the articles of impeachment. Republican leaders, however, have said in recent weeks that they are satisfied with the Justice Department's progress.

"There's a bit of concern perhaps growing that the bloom's off the rose for these tech stocks, that they are not invincible", said Tim Ghriskey, chief investment strategist at Inverness Counsel in NY.

Facebook stocks tanked 25 per cent in a matter of two hours on account of disappointing second quarter financial results and subsequent earnings call.

Shares in Alphabet closed up 0.7%, while those in Apple fell 0.3% and Netflix closed barely higher.

See the moment a young boy's heart was broken by cruel fan
CBS News reached out to the Cubs but could not independently confirm Kaplan's account. It certainly looked like that Cubs-fans-steals-ball-from-a-kid scenario.

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