By Pascal Oparada
In what could be the biggest loss of all time, Facebook shares opened at $174.89, down 19.6 percent compared to yesterday’s closing price of $217.50
In terms of market capitalization, Facebook was worth $629.6 billion yesterday. The company is now worth $506.2. In other words, Facebook has lost $123.4 billion in value overnight.
Today’s performance is not due to yet another data misuse or election interfering scandal. The company has reported disappointing earnings.
There are barely more people checking Facebook every day compared to previous quarter. Even worse, Facebook’s user base shrank in Europe. It is still growing, but it’s clear that General Data Protection Regulation (GDPR) combined with a saturated market are not helping the company.
That’s why it is trying to change the narrative. For the first time, the company shared a new “family of apps audience” metric. There are 2.5 billion people using at least one of the company’s app – Facebook, Instagram, Messenger and WhatsApp.
