Facebook’s value was down by $111bn when Wall Street opened on Thursday, one of the most dramatic share price declines in history, after the social networking firm reported slowing growth in user numbers following a string of recent scandals.
If losses hold at that level Mark Zuckerberg’s firm will earn the dubious honour of having suffered the largest single-day fall in value of any company in US stock market history.
Investors frantically sold Facebook shares in after-hours trading on Wednesday, pushing the company’s price down 18 per cent by the time the bell went on the New York Stock Exchange.
The precipitous decline was triggered by Facebook’s announcement that revenue gains would lag behind spending growth, meaning lower profits. It also said growth in user numbers would slow down.
Mr. Zuckerberg will be able to take comfort from the fact that Apple is now valued at…
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