Mark Zuckerberg just lost $16.8 billion

[dalton99a]

https://www.usatoday.com/story/tech/2018/07/25/facebook-catches-cambridge-analytica-chill-user-growth-slows/837683002/

Facebook just shed $130 billion in two hours, Mark Zuckerberg lost $16.8 billion
Jessica Guynn, USA TODAY
Published 4:55 p.m. ET July 25, 2018 | Updated 9:22 p.m. ET July 25, 2018

SAN FRANCISCO — Facebook lost about $130 billion in market value in just two hours, its steepest stock decline ever, after warning of slowing sales growth.

The stock, which plunged as much as 24% in after-hours trading Wednesday, had a cascading effect on competitors Snap and Twitter, which dropped, too. Traders are bracing for a decline in tech stocks when the markets open Thursday.

Chief financial officer David Wehner triggered the selloff when he said sales growth would continue to slow through the rest of the year. Shares, which had already declined 7 percent after hours, then fell as much as 24 percent after the comments on a conference call with analysts.

The personal wealth of Facebook co-founder and chief executive Mark Zuckerberg took a major hit. He lost $16.8 billion in extended trading. If that loss holds through Thursday’s close, he will slip to sixth place from third in the Bloomberg Billionaires Index.

[LuckyCharms]

1. Good. n/t

[Oneironaut]

2. Facebook is toast. It's the natural lifetime of a social media site.

None of the teenagers are using it now. It's become stale. Plus, the Big Brother-ish attitude they have towards data-mining makes people not want to use it. I don't think they'll go away, but they'll become a shadow of their former self.

[2naSalit]

4. Sort of like AOL?

[USALiberal]

5. Always is top 5 of internet users. Not going away. Nt

[Control-Z]

8. No. More like Myspace.

https://www.google.com/search?q=Myspace&client=ms-android-hms-tmobile-us&sourceid=chrome-mobile&ie=UTF-8&ctxr&kgmid=%2Fm%2F04ny5g

Myspace is a social networking website offering an interactive, user-submitted network of friends, personal profiles, blogs, groups, photos, music, and videos. Myspace was the largest social networking site in the world, from 2005 to 2009.

[Renew Deal]

14. Except that they also own Instagram

Which i believe is doing well.

[Hugin]

10. I'm hoping more like...

MySpace.

However, teh ol DU keeps right on perking along.

[2naSalit]

13. I thought of MySpace after I posted that

I just don't see much of AOL anymore except as a crossword puzzle answer. And I am thankful for DU, other than a small regional blog that I don't really get into anymore, this is my social media.

[lapfog_1]

7. instagram and snapchat

facebook is about to become myspace

[Hugin]

11. +1

Can't happen soon enough.

[Best_man23]

3. Womp Womp

[sarcasmo]

6. Fingers crossed it keeps dropping like a rock.

[DFW]

9. Cheer all you want

But don't look for Zuckerberg to apply for welfare any time soon.

[TeamPooka]

12. keep it going