Markets

Facebook could lose $151 billion in market capitalization today

Facebook could lose $151 billion in market capitalization today

Facebook Inc (FB.O) and its chief executive Mark Zuckerberg were sued on Friday in what could be the first of many lawsuits over a disappointing earnings announcement by the social media company that wiped out about $120 billion (91.51 billion pounds) of shareholder wealth.

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

Yet the decline merely returned Facebook shares to a level last seen in early May.

Shareholders often sue companies in the USA after unexpected stock price declines, especially if the loss of wealth is large. "It's the F in FAANG, but what's to say that, 10 years from now, Facebook isn't the next Myspace and something else has taken its place?"

USA vehicle tariffs still aren't off the table, warns German industry group
They also agreed to increase trade in services and agriculture, including greater U.S. soy bean exports to the EU. He said the administration is now focused on resolving the steel and aluminum tariffs.

Facebook founder, chairman and CEO Mark Zuckerberg, who has started feeling the pressure with lawsuits being filed against him, is also being asked to quit the top post by shareholders. Now, it is investing heavily on fixing those problems.

Facebook is grappling with privacy issues like the Cambridge Analytica involving 87 million users and another bug that changed 14 million users' privacy setting defaults to public.

The more than $15 billion in net worth that Zuckerberg lost on Thursday is roughly equal to the wealth of the world's 81st-richest person, now Japanese businessman Takemitsu Takizaki, according to Forbes real-time data.

The revelation of a massive data leak in March was another factor that hurt the United States social networking giant. Technology companies account for six of the 10 biggest companies in the S&P 500 Index. Facebook CFO, David Wehner commented on the issue, saying: "Our total revenue growth rates will continue to decelerate in the second half of 2018, and we expect our revenue growth rates to decline by high-single-digit percentages from prior quarters sequentially in both Q3 and Q4".


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