$15 billion wiped off Mark Zuckerberg's net worth in one day

$15 billion wiped off Mark Zuckerberg's net worth in one day

$15 billion wiped off Mark Zuckerberg's net worth in one day

Facebook missed quarterly revenue expectations for the first time in years as shares of the social media giant dropped 8 percent in after-hours trading Wednesday. The one-day percentage drop, the biggest ever for any U.S. traded company, comes after it forecast months of lower profit margins.

"The proposal argues that shareholders are unable to check Zuckerberg's power given he holds roughly 60 percent of Facebook's voting shares as both chair and CEO".

Chief financial officer David Wehner warned Wednesday in an earnings call with analysts that revenue growth had already "decelerated" in the second quarter and would drop "by high single digit percentages" in coming quarters. Facebook's daily active users in Europe fell by three million in the quarter amid the new regulation.

The company also said that revenue growth from emerging markets and the company's Instagram app, which has been less affected by privacy concerns, would not be enough to fix the damage.

What's to say that, 10 years from now, Facebook isn't the next Myspace and something else has taken its place?

Facebook has faced scrutiny since reports surfaced that British data firm Cambridge Analytica had improperly accessed the personal data of up to 87 million users.

Facebook has been an omnipresent part of American news for what seems like all of 2018, and rarely with a positive connotation.

Facebook share prices dropped nearly 20 percent Thursday.

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The slower growth comes as the company grappled with privacy scandals.

The financial results were close to expectations, but a weak outlook appeared to spook the market.

While the company saw revenue up 42% year-over-year to $13.2 billion in its second quarter, that was short of what Wall Street expected.

Wall Street didn't take too kindly to that: Facebook's stock price dropped almost 20 percent in after-hours trading.

Over the long term, GDPR may end up favoring Facebook and other large companies that have the resources to adapt to new requirements.

While Facebook's daily active user (DAU) rates were actually up by 11 percent, that number represents global users, and CNBC reports it was less than the margin that Wall Street had presumed. Facebook's results prompted selling in other Nasdaq listings, including media and advertising rivals Amazon.com Inc, Netflix Inc and Alphabet Inc.

Shares closed down nearly 19 percent, at $176.26.

Windsor added that Facebook is forced to hire more people to handle tasks such as filtering inappropriate content after discovering the limits of artificial intelligence.

The "Dispatches" show featured an undercover reporter who went to work at Irish staffing firm CPL Resources, which acts as Facebook's largest centre for United Kingdom content moderation.

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