United News International (UNI)- Facebook lost nearly $120 billion in market value Thursday, July 26 following reports that user growth is steadily going down.
Facebook’s shares dropped 19 percent on Thursday alone, reportedly making it the biggest one-day drop in stock market history for any publicly-held company.
According to The Associated Press, the loss came a day after Facebook admitted a slower than expected user base and revenue growth in the second quarter as it grappled with privacy issues.
The social media company also announced it lost over 3 million users in Europe alone as a result of strict European Union data protection legislation.
The drop stunned investors who thought Facebook had endured the worst of the backlash from its recent user privacy scandal.
The market value plummet also affected Facebook CEO Mark Zuckerberg, who went from the third-richest person on Earth to sixth in a matter of hours.
He’s now worth $70 billion instead of $86 billion.