How Facebook’s $124 Billion Rout Could Rewrite History Bookshttps://indianexpress.com/article/technology/tech-news-technology/how-facebooks-124-billion-rout-could-rewrite-history-books-5278215/

How Facebook’s $124 Billion Rout Could Rewrite History Books

Facebook shares tumbled as much as 20 percent in New York as sales and user growth disappointed investors

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Facebook shares tumbled as much as 20 percent in New York as sales and user growth disappointed investors (Image Source: Bloomberg)

Facebook has racked up plenty of milestones in its pioneering journey. Now the social-media giant has added another one that it would have rather avoided: the biggest stock-market wipeout in American history. Shares tumbled as much as 20 percent in New York on Thursday as sales and user growth disappointed investors. This translates to a $124 billion decline in market capitalization, which is the largest ever loss of value in one day for a U.S. traded company.

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The following is a look at some of history’s other notable one-day share slams, considering American firms that were worth at least $150 billion in any year over the past decade. Back in the depths of the tech bust, Intel Corp. lost about $91 billion on one September day in 2000. Exxon Mobil Corp., already reeling from the financial crisis and recession in October 2008, lost $53 billion one wretched Wednesday that month. And the slowest profit growth at Apple Inc. in 10 years triggered a loss of almost $60 billion on January 24, 2013. Facebook had declined as much as 24 percent in Wednesday’s after-hours session.