Facebook suffered its worst day so far, Mark lost $ 119 billion

Facebook suffered its worst day so far, Mark lost $ 119 billion.

Facebook last night suffered its worst day when the company’s stock fell by 19%, CNN reports. The value of Facebook shares fell after the company warned it would reduce revenue growth while the company focuses on the privacy of users.

The largest recorded loss of a company in one day
In the market value, Facebook lost about $ 119 billion, the largest reported loss of a company in a day, Reuters reported.

Forbes reported that this loss of owner Mark Zuckerberg cost $ 16 billion, which prompted him to fall to the list of the richest people in the world, from 4th to 6th place.

Facebook’s chief financial officer David Vener said Facebook is putting privacy first in the aftermath of the Cambridge Analytics data scandal, which has caused consumer grief and an inquiry on Facebook around the world.

“We will invest billions in security”
Venus said Facebook will be more concerned with the development of elements such as “Stories” that users publish on their profiles. It will slow down revenue growth, as Facebook earns more on “News Feed” than on its other tools.

From Facebook they say they will spend a lot of money to achieve their goals. Venus said the company would invest $ 1 billion in improving security after a scandal over user data misuse and charges to allow the spread of false news that impacted the election.

The worst day on Facebook was on July 27, 2012, when the value of shares fell by 11.7%. Then the company failed to reassure investors that they can sell mobile advertising, which now costs 91% of Facebook’s revenue from advertising alone.

Facebook to fight for more users will send satellite into space?

Facebook has a new Internet project called “Athens” that Zuckerber wants to give access to the social network for those who do not have internet, and the first satellite should fly the following year.

Since the world’s largest social network a few years ago, they announced that they intend to launch drones on a solar powered power plant that would allow internet access to the most disadvantaged areas of the world.

However, Facebook has since abandoned this idea, and as Wired reports, Zuckerberg now has a new plan, which is launching a satellite in Earth’s orbit.

Facebook officials have met with representatives of the Communications Board in the United States several times, and talks were about plans to launch the Athens-based satellite to 2019, designed to provide Internet in areas with weak Internet infrastructure .

Facebook is not the only company working on such a project. SpaceX and OneWeb, behind which Softbank stands, also develop plans for a satellite network through which Internet access is enabled.

In 2016, Zuckerberg attempted to launch a satellite that was to be taken to a higher altitude, but then the SpaceX rocket exploded on launch.

Posted by Jeff Brown

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