Economy

This tech billionaire just lost US$15.9 billion in a single day

This tech billionaire just lost US$15.9 billion in a single day

Greenfield said he could "sense the fear/panic in investors' voices" after the Facebook analyst call, but that he had maintained his outlook. The platform has been accused of helping violence spread in Myanmar, India and Sri Lanka.

"Mark Zuckerberg isn't panicking", he said. But the sell-off points to growing concerns that Facebook will not emerge unscathed from the many controversies it faces.

The company reported $5.1 billion in profit, or $1.74 per share, compared with the average estimates of $5.1 billion and $1.72 per share among research gathered by Thomson Reuters. New options Facebook is offering users to opt out of certain data collection - inspired in part by a new privacy law in Europe - could lead to less advertising revenue. Shares, which hit a record high Wednesday, plunged as much as 11% after Facebook posted the results. The news sent Facebook's stock free-falling almost 25 percent in after-hours trading. At the current after hours prices and given its market cap at the close Wednesday, Facebook is poised to lose more than $123 billion in market value. And even after the drop Thursday, Facebook is the fifth-largest publicly traded company, by market value, at more than US$500 billion.

US Plane Heads to N. Korea for war Remains
According to Fox, American officials are expecting the return of 55 sets of remains from North Korea on Friday. It will be welcomed by relatives who have waited years to be reunited with the remains of their loved ones.

RBC Capital Markets analyst Mark Mahaney said the drop creates a rare buying opportunity for Facebook shares.

Those numbers are not just for its main Facebook site, but also across apps like Instagram and Whatsapp which are expected to have been behind the majority of the company's user growth.

The complaint filed by shareholder James Kacouris in Manhattan federal court accused Facebook, Mr Zuckerberg and chief financial officer David Wehner of making misleading statements about or failing to disclose slowing revenue growth, falling operating margins, and declines in active users. With around a third of the world already on Facebook, has it got as big as it is going to get? MarketWatch reports the decline, which erased about $120 billion United States dollars in market value, is both the largest single-day percentage drop ever and the largest market value loss in a single day, as well.

Aaron Ramsey 'unsure' of Arsenal future - Premier League 2016
It has been a tumultuous time recently for Mesut Ozil. "Under Jose, the [United] team was playing a bit differently". At one point the big screen showed the midfielder, and he received one of the biggest cheers of the game.

Zuckerberg even noted during a call with analysts that "we're investing so much in security that it will significantly impact our profitability". They believe users have woken up to Facebook's growing list of controversies and made a decision to vote with their "Log Out" buttons. "Real world issues that people thought should affect the company are now affecting the company".

"A CEO who also serves as chair can exert excessive influence on the board and its agenda, weakening the board's oversight of management", the proposal says, according to the Business Insider. But the ongoing scandals have caused many people to take another look, he said.

Winning Mega Millions jackpot ticket sold in California
The state lottery's verified Twitter feed said the winning ticket was sold at Ernie's Liquors in San Jose. Here in MA , a $3 million ticket was sold at Lanzilli's Grocery on Bennington Street in East Boston.