Mark Zuckerberg’s fortune tumbles $16.8 billion in a day

Mark Zuckerberg’s fortune tumbles $16.8 billion in a day

Mark Zuckerberg, the chairman and chief executive of Facebook, lost more wealth in a single day than the entire market value of Molson Coors Brewing Co, or Nasdaq or Ralph Lauren Corp.

In one day, the social media giant lost $120 billion in market share and now a growing chorus is calling for the company's founder and CEO, Mark Zuckerberg, to step down.

Facebook said the slowdown would come in part from a new approach to privacy and security, but also appeared to acknowledge the limits of growth in advertising, which accounts for virtually all its revenue. He was listed Thursday as $81.9 billion poorer than Jeff Bezos, who still hold the top spot on that list.

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Also alarming to investors: Facebook's growth is slowing with users in some of its most lucrative markets.

Even though things are now looking dismal for Facebook, there are a handful of Wall Street analysts who are holding to a positive outlook for the company, even though they conceded that the abysmal second quarter results were worse than anticipated - not to mention the fact that European privacy laws just went into effect at the end of May. A string of scandals involving how the company users customers' data and how it polices its platform and filters out objectionable content have put it under harsh public scrutiny.

Facebook has recorded the biggest fall in corporate history as its value plunged by $120bn, when markets opened in NY. If the sell-off hits those levels in Thursday trading, it will mark one the largest collapses in value ever suffered by a USA -traded company in a day. In recent trading, they were down $43.99, or 20.2%, to $173.51 a share.

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Wall Street investors have recently seemed to think that tech stocks were a slam-dunk, Facebook's a reminder that in the stock market, there are no guarantees. Chief Financial Officer David Wehner said he expects the decline to register "high-single-digit percentages" for both the third and fourth quarters. Facebook is rolling out a version of those protections to the rest of the world.If users choose to share less data with Facebook, that could hamper the company's ad-targeting abilities, making it less attractive to marketers. But the ongoing scandals have caused many people to take another look, he said. We're starting to see that this quarter.

For Facebook, financial stumbles are rare.

Amazon has been in a race with Apple to see which company would be the first to reach a $1 trillion market cap.

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Facebook suffered a blow in China on Wednesday when regulators there withdrew their approval of a company innovation hub to support local startups, the New York Times reported on Wednesday, citing a person familiar with the matter.

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