Facebook suffers the largest single-day loss in US stock market history as its value crashed by $111bn as Wall Street opened for trading on Thursday 26 July.
Following recent scandals that rocked the social networking firm, it reported a slow growth in user numbers. This sent investors into frantically selling off shares on Wednesday pushing the company’s share value down by 19%.
Still recovering from the backlash of its fake news handling scandal, Facebook CEO Mark Zuckerberg announced on Wednesday that his company was experiencing the slowest growth in its user numbers for more than two years. He also added that revenue gains would lag behind spending growth, translates to lower profits.