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Facebook in record plunge after shocking growth report

27 July 2018

Zuckerberg, 34, is now the world's sixth-richest person with US$70.6 billion, down three rungs on the Bloomberg Billionaires Index.

Forbes reported that the series of scandals that Facebook has had to deal with has finally caught up with the tech giant.

The fall came after a Facebook executive said profits margins would tumble for several years because of the cost of improving privacy safeguards and slowing usage in the Internet's biggest advertising markets, Reuters reported.

The "Dispatches" show featured an undercover reporter who went to work at Irish staffing firm CPL Resources, which acts as Facebook's largest centre for United Kingdom content moderation.

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'Facebook's earnings disaster erased $120 billion in market value - the biggest wipe-out in U.S. stock-market history, ' Business Insider is reporting.

Investors frantically sold Facebook shares in after-hours trading on Wednesday, pushing the company's price down 18 per cent by the time the bell went on the New York Stock Exchange.

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.

Zuckerberg himself lost more than $15 billion in net worth in one day and is no longer among the top five billionaires in the world, USA Today reported.

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As an example of its new strategy, Wehner said Facebook will put more development muscle behind the company's Stories feature.

"A CEO who also serves as chair can exert excessive influence on the board and its agenda, weakening the board's oversight of management", the proposal says, according to the Business Insider.

"Bears win this quarter. but not the war", said Brent Thill, an analyst with Jefferies.

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Facebook in record plunge after shocking growth report