Facebook just lost $120 billion in market value, experiencing one of the largest losses for a publicly-traded company.
Plunging -19% as markets opened on Thursday, the social networking giant’s stock extended the previous day’s after-hours decline (the company’ shares lost -20% in market cap during New York’s late trading session on Wednesday).
On Wednesday, the company’s Chief Financial Officer David Wehner indicated that sales growth may decelerate in the coming quarters. Plus, he also mentioned that the firm is ready to spend billions of dollars every year towards raising the bar on safety and security, following this year’s revelations about Facebook's potential role in allowing fake news’ circulation and in influencing election results.