Facebook stock down 19%, investors call for Zuckerberg's firing

Facebook stock plunge: Brief setback or portent of trouble?

Posted: Jul 27, 2018 5:37 AM
Updated: Jul 27, 2018 8:36 AM

NEW YORK (AP) - Thursday's massacre of Facebook shares, which plunged 19 percent in the biggest one-day drop in history, answers one big question. Turns out the stock can fall every bit as fast as it rises.

But others await. Is this a temporary setback for the giant social network, or the start of a painful new journey? And does it portend similar trouble for other high-flying tech giants?

The Thursday stock collapse vaporized $119 billion of the company's market value. CEO Mark Zuckerberg saw his net worth fall by roughly $16 billion as a result.

Facebook continues to grapple with big existential questions, ranging from privacy to tech addiction to how it deals with fake news and extremism.

Both the slower growth forecast and heavier spending reflect problems largely of Facebook's own making.

(Copyright 2018 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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