Facebook

Facebook Loses Over $110 Billion in Market Value

Todd Spangler, writing for Variety:

Shares of Facebook plunged more than 19% in early trading Thursday, as investors reacted to signs that the social-media giant’s user and revenue growth are significantly slowing down.

The stock drop, to its lowest levels in nearly three months, wiped out more than $110 billion in market capitalization for Facebook and dragged down other internet and tech stocks including Twitter and Snap. Facebook’s market cap was $629.6 billion at the close of market Wednesday, and stood at around $503 billion as of Thursday at 10:30 a.m. ET.

Ouch.

Jason Tate
Jason Tate Jason Tate is the founder and editor-in-chief of chorus.fm. He can also be found at @jason_tate on Twitter and on Facebook.