The past 24 hours is a day in the life of Facebook’s founder Mark Zuckerberg won’t really want to remember. Why? Because he lost $123.4 billion has been wiped off the shares of Facebook. 😲😲😲
This happened after news got out that the company faced a multi-year squeeze on its business margins according to Reuters.
So, when it comes to market capitalization, Facebook was worth $629.6 billion yesterday. The company is now worth $506.2. In other words, Facebook has lost $123.4 billion in value overnight.
The company also said revenue growth from emerging markets and the company’s Instagram app, which has been less affected by privacy concerns, would not be enough to repair the damage.
TechCrunch posits that there are barely more people checking Facebook every day compared to the previous quarter. Even worse, Facebook’s user base shrank in Europe. Facebook is still growing, but it’s clear that GDPR combined with a saturated market aren’t helping the company.
That’s why Facebook is trying to change the narrative. For the first time, the company shared a new “family of apps audience” metric. There are 2.5 billion people using at least one of the company’s app — Facebook, Instagram, Messenger and WhatsApp.
