Beijing, February 4 (Xinhua) -- The stock price of the parent company of the US social platform Facebook", "Yuan", plunged 26% on the 3rd, and the company's market value evaporated by more than 230 billion US dollars, setting a record for the highest single-day market value loss of a listed company in the United States.
According to the Associated Press, a number of unfavorable news caused the "Yuan" company's stock price to plummet, including the company's expected revenue for the quarter that was lower than analysts predicted. In addition, companies have rarely published a profit reduction report due to a surge in spending, unstable growth in advertising revenue, and a decrease in Daily Active Users on Facebook.
On April 11, 2018, Mark Zuckerberg, CEO of The U.S. social media platform Facebook, attended a House hearing in Washington, D.C. Xinhua News Agency (Photo by Shen Ting)
"Yuan" CEO Mark Zuckerberg, who owns 12.8 percent of the company, lost about $29 billion in his personal wealth overnight as the stock price plummeted.
Reuters quoted the REAL-time wealth ranking data of Forbes magazine in the United States to report that Zuckerberg's current personal wealth market value is 85 billion US dollars, ranking 12th in the global rich list.
Analysts believe that due to high inflation and expected interest rates, technology stock trading will inevitably fluctuate. The "Yuan" company's stock price may recover rapidly, and the impact on Zuckerberg's wealth may be limited to the books.
Facebook announced in October last year that it had changed its name to "Yuan" and would prioritize the development of Meta-Universe-related businesses and begin to build a next-generation Internet platform. (Ou Sa)
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