Facebook Market Value Plunges $119 Billion

(CN) — Facebook’s stock shed $119 billion in market value Thursday, the company’s worst trading day since going public in 2012, and among the biggest one-day losses of market value by any company in U.S. stock market history.

The loss came a day after Facebook revealed that its user base and revenue grew more slowly than expected in the second quarter as it grappled with privacy issues.

Those revelations stunned investors, who believed the company had weathered the recent scandal over users’ privacy.

Today’s loss is about equal to the entire market value of McDonald’s or Nike. It far exceeds to total market value of major U.S. multinational corporations such as General Electric, Eli Lilly or Caterpillar.

The company still has a total market value close to $511 billion, which exceeds the annual gross domestic product of countries like Poland, Belgium and Iran, according to the Associated Press.

%d bloggers like this: