Facebook loses a whopping $150 billion in just two hours; share price tumbles 24%
Facebook had cautioned investors to expect a big jump in costs because of efforts to address concerns about poor handling of users' privacy and to better monitor what users post. Total expenses in the second quarter surged to $7.4 billion, up 50 per cent compared with a year ago.
The sharp plunge in the stock price wiped out about $150 billion in market capitalisation in under two hours. Image source: Reuters