Tech Podcast: Zuckerberg's riches take a hit as Facebook stock plunges : Bulletin

Facebook market value plunges $120 bil

Facebook market value plunges $120 bil

Investors filed at least two proposed securities fraud class actions against Facebook in NY federal court Friday, accusing the company and its top brass of misleading shareholders in the months leading up to its disappointing earnings statement and subsequent $120 billion stock drop.

Zuckerberg and Facebook are being sued in what could be the first of many lawsuits over a disappointing earnings announcement by the social media company that wiped out billions of shareholder wealth yesterday.

Facebook founder and CEO Mark Zuckerberg lost Dollars $15.7 billion today as Facebook stocks plummeted by 19%, reports CNN. The report showed slower-than-expected user number growth and ad sales.

Yet the decline merely returned Facebook shares to a level last seen in early May.

Zuckerberg had been tied with Warren Buffett as the world's fourth-richest person, but the Berkshire Hathaway Inc (BRKa.N) chairman's current $83 billion fortune tops Zuckerberg's $66 billion, Forbes magazine said.

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According to Reuters, Facebook is facing yet another legal issue after its recent stock plunge.

Daily Wire believes the cause of the losses lie at the feet of the data leak scandals Facebook has gone through recently, in particular Cambridge Analytica.

Both the slower growth forecast and heavier spending reflect problems largely of Facebook's own making. But investors were concerned about possible revenue decline. There are more than 2.5 billion active users of Facebook that provides unique value for investors as well as advertisers.

Zuckerberg even noted during a call with analysts that "we're investing so much in security that it will significantly impact our profitability". Facebook revenue is still growing at a rate double that of Twitter. While users still encounter adds on Instagram stories, there are a lot less of them.

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