It's official. Facebook just had the biggest stock market wipeout in American history.
Stuff.co reports that shares in Facebook tumbled 19% today on the United States' Nasdaq exchange to close at US$176.26 ($259.80) after sales and growth forecasts reported a day earlier, after normal trading closed, disappointed investors.
The drop translates to a US$119.4 billion decline in Facebook's market capitalisation, the largest‑ever daily fall in value of a US traded company.
Facebook stock sank after it warned investors that it saw slower revenue growth ahead, and that its user base and revenue grew more slowly than expected in the second quarter.
The slower growth comes as the company grappled with privacy scandals. All told, the US$119 billion of its value that was wiped out is worth nearly as much as McDonald's.
