Facebook and Mark Zuckerberg sued after stock crash

Facebook could lose $151 billion in market capitalization today

Facebook could lose $151 billion in market capitalization today

It's official. Facebook Inc. just had the biggest stock-market wipeout in American history.

Currently, its stocks are at US$174.89 down 0.78 per cent.

Kacouris stated that the marketplace, in one way or another, was "shocked" the moment "the truth" began to surface on Wednesday from the very headquarters of Facebook. He also claims the massive plunge stemmed from "federal securities law violations from the defendants".

Facebook also warned that the toll would not be offset by revenue growth from emerging markets and the company's Instagram app, which has been less affected by privacy concerns.

Overall, technology giants - Facebook, Apple, Google, Amazon and others - have enjoyed nearly unprecedented growth in revenue and stock price for years.

The lawsuit is designed for class-action status and seeks unspecified damages.

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The accusations came after a visitor to the zoo took a picture and shared it online of less-than-stellar looking zebra. Mr Sarhan captured a photo of the animal that appears to show black smudges smeared across its face.

Facebook investors are suing the social network, its CEO Mark Zuckerberg and CFO David Wehner after a poor earnings report wiped out almost $160 billion of shareholder wealth. The report showed slower-than-expected user number growth and ad sales.

After the Facebook had reported decline in company's second- quarter earnings, many of its investors dumped its shares. Unfortunately, Facebook's spokeswoman declined to release a further comment about the ongoing complaint.

Facebook is also dealing with dozens of suits over its handling of user data in connection with the United Kingdom firm Cambridge Analytica.

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. Questions of data privacy, fake news proliferation and user growth have dogged the company.

The S&P 500 technology index fell 2.0 per cent, the most among the major S&P sectors. This forced them to magnify the call for changes at the top.

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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