Facebook Just Lost More Than Tesla’s Entire Market Cap in 2 Days - Publik Talk

Breaking

An informative website for every one.

Post Top Ad

Post Top Ad

Tuesday, March 20, 2018

Facebook Just Lost More Than Tesla’s Entire Market Cap in 2 Days




Facebook Inc.’s privacy crisis has turned into a shareholder crisis.

The social media giant has lost over $60 billion in market value over the past two days, following revelations that personal data of millions of users was obtained by a data analytics firm. That’s more than the market capitalization of Tesla Inc. at around $52 billion or three times that of Snapchat owner Snap Inc. at about $19 billion.

Facebook shares tumbled 6.8 percent on Monday, the most in almost four years, and the selloff resumed on Tuesday with news that the U.S. Federal Trade Commission is reportedly investigating the handling of user data, and a report that Chief Security Officer Alex Stamos plans to leave. Shares fell 4.7% to $164.51 at 2:23 p.m. in New York.

The two-day rout is the worst since July 2012, the year of Facebook’s initial public offering at $38 a share.



Author: Jeran Wittenstein / Bloomberg
Published at: Tue, 20 Mar 2018 22:49:59 +0000

No comments:

Post a Comment

Post Top Ad