Shares of Facebook Inc. plunged and reportedly wiped out more than $50 billion from the company's market capitalization and $4 billion from Mark Zuckerberg’s fortune a day after the social-media giant posted its slowest-ever quarterly sales growth.
Shares of the company (FB) fell more than 8% as the market opened Thursday and are set for their worst day since June 3. The drop erased more than $50 billion from the social media giant’s market cap, which now sits below $600 billion, CNBC reported.
The shares rallied but a 5.7% decline left the chief executive officer with an $81 billion fortune as of 10:07 a.m in New York, with the shares trading at $210.41 apiece.
Zuckerberg, 35, remains the world’s fifth-richest person, according to the Bloomberg Billionaires Index. The ranking officially updates after the close of each trading day in the U.S.
Despite the drop, Zuckerberg’s net worth is still up this year. His fortune had climbed $6.6 billion through Wednesday.
Meanwhile, the dire forecast prompted six Wall Street analysts to cut their price targets with Pivotal Research reducing its own target by $30 to $215.
Pivotal analyst Michael Levine, who downgraded the stock to "hold," said he expected cautious commentary around the first quarter of 2020 and a better result for the fourth quarter.
Chief Financial Officer David Wehner said that the pace of expansion will slow further in the first quarter of 2020.
However, MKM Partners argued that the negative commentary was not sufficient enough to alter investor opinion on the stock, but could make some marginally cautious over the near-term.
Facebook, the world's second-biggest seller of online ads, has been under fierce scrutiny worldwide over its privacy practices, along with criticism over how its services have been manipulated to spread misinformation.
"The key risk factor ahead in '20 remains FB's navigation of the political/regulatory environment," UBS analysts wrote.
Still, 46 of 53 analysts rate the stock "buy" or higher, with shares trading at about 17% downside to the median price target.
Material from Bloomberg and Reuters has been used in this report.
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