His fortune tumbled by US$16.8 billion in late trading Wednesday, as shares of the social media giant slid 20 per cent at 5:37 p.m.in NY on disappointing results. It was among the biggest one-day losses of market value in US stock market history.
Jake Dollarhide, chief executive officer of Longbow Asset Management in Tulsa, Oklahoma, in recent years has trimmed, but not eliminated, the amount of Facebook shares in his clients' accounts, and he said he sees the company as a three-year investment.
On the Q2 earnings call, CFO David Wehner said the company expects revenue growth to slow to single digits over the next two quarters from 42% year-over-year in the second quarter. Leading up to the new stricter privacy rules, Facebook notified users across Europe of pending changes to its privacy policies.
The commentary in the wake of Facebook's second quarter results has generally been pretty brutal, with most of the takes focused on reality setting in.
The Facbook CEO also allowed the Russian meddling scandal to develop in 2016 in which Russian operatives bought Facebook ads to influence US voters. The UK-based company had gained access to the personal data of tens of millions of Facebook users through a third-party application, and some of that data was reportedly used to target advertising during the 2016 Brexit referendum and the U.S. presidential election. And the increased spending aims, among other things, to prevent a replay of the fake news and propaganda that Russian agents unleashed on an unguarded Facebook in an attempt to sway the 2016 presidential election.
Net income was $5.11 billion, or $1.74 a share, beating analysts' estimate of $1.71 a share.
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Business Insider Joe Ciolli Andy Kiersz data from Bloomberg
Still, the loss of users should not have shocked investors because Facebook has said for the past two quarters that it was starting to hit the zenith of user growth in its most mature markets like North America.
The loss came a day after Facebook revealed that its user base and revenue grew more slowly than expected in the second quarter as it grappled with privacy issues.
"Nobody knows where the top is, where that growth slows down", said Phil Bak, CEO of Exponential ETFs and a former managing director of the New York Stock Exchange who said he's been warning investors of a potential sell-off in large tech stocks. Shares were down as much as 20 percent.
"Facebook is actively choosing to make less money, deprioritizing near-term monetization to drive engagement to even higher levels to capture even more of their 2.5 billion monthly users' time and attention", he wrote. Facebook's results prompted selling in other Nasdaq listings, including media and advertising rivals Amazon.com Inc, Netflix Inc and Alphabet Inc.
"T$3 he fundamental damage to the Facebook platform has been "very contained" in our opinion and is generally better than feared from the white-knuckle period a few months ago", he added.
The fake trailer for "Me, Danica " re-imagines the Tonya Harding biopic as Danica's much less controversial life in racing. The awards recognize the best athletes in addition to the experiences and the best all-around members of the community.
HORSLEY: It sounds like sort of typical Trumpian hyperbole, but some analysts I've talked with say it's not without foundation. Another Republican senator - John Thune of South Dakota - said having the translator give testimony was "highly unlikely".
Broken shop windows, pillage and other destruction lined a section of the Champs-Elysees, the post-game site for revellers. France is readying to welcome home the national soccer team for a Monday parade down the Champs-Elysees.
Donald Trump will touch down in Helsinki today, ahead of tomorrow's meeting with Vladimir Putin at Finland's presidential palace. Trump was notified about the indictments earlier last week as he prepared for the July 16 summit between him and Putin.
Taking her older sister duties very seriously, it's evident that Princess Charlotte is clearly besotted with her little brother. There has been something of a royal baby boom in recent months, and it extends to those beyond members of the family, it seems.
It was a sharp climb down from the ante Croatia had set having taken the game by the scruff of its neck from kick off. The World Cup final itself is a big achievement for them, an incredible feeling that the entire country will cherish.
Turkey and the United States engage in a war of words over Ankara's detention of an American pastor on terrorism charges . A court in western Izmir province said Brunson would be electronically monitored and barred from leaving his house.
Excerpts of the CNBC interview were released yesterday in which Trump criticized the Federal Reserve for raising interest rates. Trump added, referring to the Fed's rate increases: "The United States should not be penalized because we are doing so well".
And it's after that that her team said she was beginning to feel the pressure of being a teenage role model . The pop star made the revelation about the setback in a single, " Sober ", released late last month.
Israeli forces carried out the rescue on Saturday night following a request from the "US, Canada, and European Union countries". The ministry's spokesman Mohammed al-Kayed said the Syrians would remain in Jordan for three months.
Those assets include Fox's Hollywood studios, content library, cable channels, global networks, and 39 percent stake in Sky. The Justice Department is appealing a judge's ruling that swept aside all objections to the AT&T/Time Warner merger.
Pricing and Availability: Sony says samples of the new sensor are set to ship in September 2018 for 3,000 JPY (26.93 USD). KitGuru Says: There always seems to be a focus on images, when smartphones are frequently used to record videos too.
The Organisation for the Prohibition of Chemical Weapons (OPCW) will analyse the substance before reporting back its conclusions. Charlie was admitted to Salisbury District Hospital on Saturday June 30th, following exposure to the nerve agent, novichok .
Mourinho told The Daily Mail in regard to the future of Martial: "I would like to be in Los Angeles now and I am in San Jose". United are expected to make a rival offer for the 29-year-old but "the lure of Barcelona is strong".
The governor's four-day stay had been wrapping up Wednesday in Montenegro, where he met with business and political leaders. The only time Article 5 was ever invoked was by America after the September 11, 2001 terror attacks conducted by al-Qaeda.
A Reuters journalist asked Trump about a post on his Twitter account earlier in the day in which he blamed the breakdown in U.S. There were mixed reactions on Fox News Channel, whose commentators usually represent Trump's biggest supporters.
He added: "You wouldn't think of the European Union, but they're a foe". " I think we have a lot of foes ", Trump said. In response, European Union leader Donald Tusk tweeted: "America and the European Union are best friends".
Croatia needed spot kicks to advance against Denmark in the last 16 and against Russian Federation in the quarter-finals. In Group H along with Colombia, Senegal, and Poland, many didn't fancy the Asian side to advance to the next round.
CEO Elon Musk, for one, noted on Twitter that the Model 3, while newer than the Model S, is not a superior vehicle. While tax credits have helped boost electric-vehicle demand in the US , they remain only 1.1percent of the market.
Asked at the end of the press conference whether he would tell Putin to stay out of USA elections, Trump responded simply: 'Yes'. They are also accused of stealing the data of half a million voters from a state election board website, the BBC report said.