Sunday, 19 August, 2018

After $120B Stock Tumble, Facebook Investors Claim Fraud

Facebook could lose $151 billion in market capitalization today Facebook Might've Just Had The Worst Day In Stock Market History
| 30 July, 2018, 21:32

Facebook reported strong earnings for the April-June quarter on Wednesday.

Facebook's margin fell to 44% in the second quarter from 47% a year ago as it spent heavily on security and initiatives to convince users the company was protecting their privacy. These moves have likely impacted Facebook's earning projections and user numbers, which led to the 24 percent reduction in its stock value.

Facebook is also dealing with dozens of suits over its handling of user data in connection with the United Kingdom firm Cambridge Analytica. He has been tied with Warren Buffet in the world's fourth-richest person.

The company has always been under the umbrella of one absolute leader, the type who cemented a share class structure.


Economists and investors cautioned against putting too much weight on the growth, which matched expectations, as the trade-related boost is expected to unwind later this year. He believes that it is about time Facebook considers a change in leadership.

Facebook Inc and its chief executive Mark Zuckerberg were sued on Friday (July 27) in what could be the first of many lawsuits over a disappointing earnings announcement by the social media company that wiped out about US$120 billion (S$163.43 billion) of shareholder wealth. Shareholders suddenly turned tail after realizing that growth had been running out of the company's core money-making app.

The loss of faith amongst investors only emboldened voices which have since called for Zuckerberg's to share more of his voting power. And the increased spending aims, among other things, to prevent a replay of the fake news and propaganda that Russian agents unleashed on an unguarded Facebook in an attempt to sway the 2016 presidential election.

For more than a year - ever since Zuckerberg published a 5,000 word manifesto arguing that Facebook needs to make the world a better place by bolstering civic engagement and addressing social ills - the company has seemed torn between its philosophical mission and its economic one.

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