Facebook CEO Zuckerberg loses $16b in 5 minutes

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Now the social-media giant has added another one that it would have rather avoided: the biggest stock-market wipeout in American history.

His fortune tumbled in late trading Wednesday, as shares of the social media giant slid 20 per cent in post-market trading in NY on disappointing results.

But there's also been a notable slowdown in user growth.

Mr. Zuckerberg will be able to take comfort from the fact that Apple is now valued at more than three times the amount it was after its $60bn blip while Exxon is trading around 30 per cent up on its price in October 2008. Shares, which hit a record high Wednesday, plunged as much as 11% after Facebook posted the results.

"While those actions might take time to play out, it is still possible that threatened fines associated with GDPR to Facebook or other sellers of advertising could also have the effect of spooking advertisers into changing how they use data", said Wieser, who thinks the shares should be worth $140 U.S. - well below Thursday's level.

Mark Zuckerberg's loss of $15.8bn is equal to the total wealth of the world's 81st-richest person.

What's more, Sherly Sandberg, Facebook's chief operating officer, warned that there could there could be further GDPR-related consequences in the months to come, according to CNBC. The company's sales and user growth numbers for the second quarter fell short of analysts' projections.

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Investors were more than a little put out by Facebook execs saying they expect revenue growth to slow as they focus greater attention on user privacy.

The "Dispatches" show featured an undercover reporter who went to work at Irish staffing firm CPL Resources, which acts as Facebook's largest centre for United Kingdom content moderation.

For more than a year - ever since Zuckerberg published a 5,000 word manifesto arguing that Facebook needs to make the world a better place by bolstering civic engagement and addressing social ills - the company has seemed torn between its philosophical mission and its economic one.

But the Silicon Valley company's streak ended Wednesday when it said that the accumulation of issues was starting to hurt its multibillion-dollar business - and that the costs are set to continue playing out for months.

Pivotal Research Group analyst Brian Wieser, who has a sell rating on the stock, says there are limits to growth in digital advertising, even for Facebook. Shares fell to as low as $176.79 on Thursday morning.

In a sign of just how bullish investor expectations were, though, the collapse merely returned Facebook shares to a level last seen in early May.

Of the newer endeavors, Instagram's business model is the most mature, and likely contributed meaningfully to revenue in the quarter, analysts have said.

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