Facebook got clobbered Thursday. Why Mark Zuckerberg won’t care

Facebook got clobbered Thursday. Why Mark Zuckerberg won’t care

Facebook got clobbered Thursday. Why Mark Zuckerberg won’t care

Facebook CEO Mark Zuckerberg's net worth plummeted more than $15 billion with the stock dive, although it's still around $67 billion, according to Forbes' real-time net worth tracker.

The new regulations are also affecting user growth in the region because of the impact of requiring consumers to opt-in to Facebook and to linking their accounts to third-party websites, Pachter said. The company's quarterly revenue fell slightly short of meeting the expectations of Wall Street analysts.

Nasdaq futures dropped 0.85 per cent late on Wednesday, suggesting the technology-heavy Nasdaq Composite index would fall when trading opens on Thursday morning.

The unwanted media attention Facebook received for its part in the Cambridge Analytica data sharing scandal has spilled into the platform's dissemination of fake news, and Zuckerberg felt compelled to apologize for his company's lack of professionalism and failure to maintain consumer confidence.

According to techcrunch.com, it seems as if Facebook announced the stat in hopes of deflecting attention from the fact that its user count shrank in Europe and was flat in the USA and Canada, contributing to extraordinarily low monthly and daily user growth.

Yet Facebook is hardly a stranger to a volatile stock price and has rebounded from previous mishaps, including Cambridge Analytica.

"Our total revenue growth rate decelerated approximately 7 percentage points in Q2 compared to Q1", he said.

Facebook founder Mark Zuckerberg also took a $14.5 billion (£11 billion) hit to his own personal fortune in the process due to owning almost 17% of the company's shares.

The privacy issue is a concern for the whole tech sector, as it could make it harder for these companies to sell user data or use it to make their products more effective.

Specifically, Wieser says new European rules about company obligations to protect consumer privacy known as GDPR may prove to be expensive for the company in the long run.

The Seattle-based company cut hundreds of consumer jobs in its headquarters earlier this year, in a move that may have lowered costs and freed up resources for fast-growing areas like Amazon's voice aide Alexa. Facebook Class B shares have 10 times the voting power of Class A shares, and Zuckerberg owns 75 percent of the Class B stocks.

The company is likely to post subpar operating margins for "several years", he said - "more than two, less than many". Eastern time. Snap's shares were down by more than 2 percent. They believe users have woken up to Facebook's growing list of controversies and made a decision to vote with their "Log Out" buttons.

Toward the end of the call, a Jefferies analyst seemed astonished at the scale of the growth slowdown, saying it "seems the magnitude is beyond anything we've seen".

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