120 billion dollars.
That’s how much market cap Facebook (FB) dumped over the side in a single day when the company crushed Wall Street’s hopes with a soft second-quarter earnings report last week.
This was the biggest single-day loss in US stock-market history—and the stock has plunged more since, to a loss of over 20%.
“Facebook Fright” Spreads Like Wildfire
The panic has spread to FAANG land, with Amazon (AMZN), Apple (AAPL), Netflix (NFLX) and Alphabet (GOOG) all showing losses right after Facebook’s report, even though many of these companies have very different business models than Facebook. And the one that’s closest, Alphabet, recently reported a blowout quarter.…