Facebook CEO's one day loss is nearly Nigeria's budget in 2017

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It's official. Facebook Inc. just had the biggest stock-market wipeout in American history.

The stock initially dropped by 9 percent on Wednesday night due to a slow decrease in revenue recently. He said that it stemmed from various federal securities law violations by the company. Though the company boasts a massive 2.23 billion users, the growth in active daily users has fallen from 17% previous year, to 11%.

Overall, technology giants - Facebook, Apple, Google, Amazon and others - have enjoyed nearly unprecedented growth in revenue and stock price for years.

So far, three class-action suits have been filed by shareholders claiming that Facebook made false and misleading statements to investors including lack of disclosure around monetization associated with Instagram Stories.

After a surprisingly weak growth forecast in this week's earnings report, Facebook's stock price dropped 19 percent.

Facebook did not immediately respond to a request for comment.

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Facebook has faced dozens of lawsuits over its handling of user data in a scandal also concerning the United Kingdom firm Cambridge Analytica.

Thursday's plunge also brought bad news to Zuckerberg as he hit the bottom line.

For numerous world's richest people, most especially Africa's billionaires, losing $16.8 billion in a day would be a wipeout.

This allowed Buffer to rank third among the world's billionaires, while Zuckerberg ends up in the sixth spot.

Facebook reported strong earnings for the April-June quarter on Wednesday.

"Nobody knows where the top is, where that growth slows down", said Phil Bak, CEO of Exponential ETFs and a former managing director of the New York Stock Exchange who said he's been warning investors of a potential sell-off in large tech stocks. That it is high time for him to change his role from chairing the board to a more independent figure. This was due to issues involving fake news, trolls, and even Russian manipulators.

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