Economy

Facebook is sued after stock plunge 'shocked' market

Facebook is sued after stock plunge 'shocked' market

The $15.8 billion in net worth that Zuckerberg stands to lose in the move is equal to the wealth of the world's 81st-richest person, now Japanese businessman Takemitsu Takizaki, according to Forbes real time data.

So far, three class-action suits have been filed by shareholders claiming that Facebook made false and misleading statements to investors including lack of disclosure around monetization associated with Instagram Stories. Many have been consolidated in the federal court in San Francisco.

Shares of Apple, which is set to report quarterly results on Tuesday, fell 1.7 per cent. Shares of Microsoft and Alphabet, which had soared after both companies recently reported strong quarterly results, dropped 1.8 per cent and 2.5 per cent, respectively.

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Most people left the valley Tuesday, when officials reluctantly announced the closure , park spokesman Scott Gediman said. Authorities have chose to close certain areas of Yosemite National Park as a massive wildfire continues to rage nearby.

This allowed Buffer to rank third among the world's billionaires, while Zuckerberg ends up in the sixth spot. Scott Kessler, a representative from CFRA Research commented on the issue: "Legal/regulatory developments have led to changes meant to support FB's platform and users, but they will notably restrain growth and profits for at least the next couple of quarters, in our opinion".

Shareholder attorneys who argued that the move would give an unfair economic advantage to Zuckerberg are now seeking $129 million in legal fees, an amount Facebook considers excessive. Considering the recent numbers, this change could happen instantly.

JUST a day after Facebook CEO Mark Zuckerberg lost $A160 billion of his fortune to a massive share market plunge, he is in hot water again. Shareholders suddenly turned tail after realizing that growth had been running out of the company's core money-making app. While the company will continue to offer companies advanced digital marketing functionality, even small drawbacks can become a reason to decelerate the extraordinary revenue growth rates.

The moon will turn blood red in Canberra early on Saturday morning
The moon will rise in the south-east first, at around 8.50pm in London, and the eclipse will continue until early on Saturday. Moreover, astronomy enthusiasts will also be able to see planet Mars along with the total lunar eclipse at the same time .

The loss of faith amongst investors only emboldened voices which have since called for Zuckerberg's to share more of his voting power.

For more than a year already, Facebook and other social media companies have been under fire courtesy of policy makers and regulators.

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As it rose, during this total eclipse , Earth's natural satellite turned a striking shade of red or ruddy brown. Viewers received an extra treat, with Mars competing for attention, sparkling brightly.