Facebook stock drops 20% wiping away a record $120 billion

Facebook shares

If the losses hold without any recovery in price, this will mean that Facebook will hold the record for the largest single-day drop of any company in stock market history in the United States. That is believed to be the largest one-day drop of any company on the American stock market. "Facebook's Chief Financial Officer warned that revenue growth would "decline by high single-digit percentages" until 2019". On Thursday, Amazon said it earned $5.07 per share, more than double analysts' estimate of $2.50.

The Trillium Assets proposal charged that the lack of an independent board chair and oversight contributed to Facebook "missing, or mishandling, a number of severe controversies", including the social media site being used for the Russian meddling in US elections, the sharing personal data of 87 million users with Cambridge Analytica, proliferation of fake news and others, the Business Insider said.

Now come the big questions: Is this a temporary setback, or the start of a painful new road for the giant social network? And does a similar comeuppance await other high-flying technology behemoths?

Scoll Free September campaign
It was a grim day for Facebook on Wall Street

Facebook Inc.'s scandals are finally hitting the company where it hurts: growth.

"While those actions might take time to play out, it is still possible that threatened fines associated with GDPR to Facebook or other sellers of advertising could also have the effect of spooking advertisers into changing how they use data", said Wieser, who thinks the shares should be worth $140 U.S. - well below Thursday's level. "Facebook has also been sucked into the probe into alleged Russian meddling in the 2016 presidential election".

Follow Facebook's stock price in real time here.

No evidence Islamic State responsible for Toronto attack
Joe Warmington of The Toronto Sun reported that Hussain apparently had been spoken to by authorities about his online activities. Torontonians turned out in great numbers to a vigil for the victims of the deadly Danforth shooting one day after the rampage.

The fall came after it shocked the market with a warning that both growth and profitability are set to slow.

Some see the Facebook selloff as clear evidence that nothing can grow forever, especially not the world's biggest companies, especially not at the rate of nimble, promising startups. Facebook revenue is still growing at a rate double that of Twitter.

The fleeing of one million users is but a drop in the ocean to Facebook, which now has over 2.2 billion active monthly over-sharers on its website.

Nawaz Sharif's party says army's 'pre-poll rigging' benefits Imran Khan
Before official results arrived, PTI and Khan supporters took to the streets to celebrate the initial results on Wednesday night. At another polling station, Samra Aslam, 53, said she was voting for Sharif because he had brought development to the country.

Things could get rougher still.

The change was due to the European Union implementing the General Data Protection Regulations, which imposed new rules on how internet companies store customer data.

Second-quarter revenue and average daily visitors fell short of analysts' estimates, according to a statement from the Menlo Park, California-based company.

Cohen secretly recorded conversation with CNN anchor
He said Cohen is ready to "turn a new corner" and tell the truth about what transpired between himself and the president. But what's new and especially threatening to Trump's presidency is Cohen's material, of which there seems to be plenty.

Wall Street investors have recently seemed to think that tech stocks were a slam-dunk, Facebook's a reminder that in the stock market, there are no guarantees.

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