He alleges that Facebook's "wrongful acts and omissions, and the precipitous decline in the market value of the Company's common shares", have resulted in significant losses and damages for him and other shareholders. At that point, the stock was still recovering from an earlier battering over a major privacy scandal.
It was the second time Facebook stock took such a dramatic plunge.
The loss is the biggest one-day wipeout of individual wealth ever recorded on the ranking, which started tracking the world's biggest fortunes in 2012.
New European privacy rules, inspired in part by Facebook's relentless mining of its own users' data, are starting to hamper the company's advertising business. Facebook's chief financial officer warned that revenue growth would "decline by high single-digit percentages" for the rest of the year. Furthermore, the growth in the number of daily average users is slowing down as well.
Zuckerberg even noted during a call with analysts that "we're investing so much in security that it will significantly impact our profitability".
Perry Endorses Push to Impeach Rosenstein
Meadows and his fellow co-sponsors believe Rosenstein has failed to comply with document requests from Congress. A spokeswoman for the Justice Department said she had no comment on the articles of impeachment .
There are several reasons for the declining revenue growth rate. Scott Kessler, a representative from CFRA Research commented on the issue: "Legal/regulatory developments have led to changes meant to support FB's platform and users, but they will notably restrain growth and profits for at least the next couple of quarters, in our opinion". While users still encounter adds on Instagram stories, there are a lot less of them.
For more than a year already, Facebook and other social media companies have been under fire courtesy of policy makers and regulators.
Describing the announcements as "bombshells", Baird analysts said the issues were to a large degree "self-inflicted" as Facebook sacrifices its core app monetization to drive usage.
"Mark Zuckerberg isn't panicking", he said. Most of its large institutional investors aren't panicking.
- Kawhi Leonard passes physical with Toronto Raptors
- Greece wildfires: Search for missing family members
- Everton to offer Jordan Pickford improved contract
- India excludes 4 million people from draft citizens list in Assam state
- Giuliani says he's not sure collusion is a crime
- "Fortnite’s" Birthday Event Begins Today - How You Can Get Involved
- Soybean price chart shows why Trump is helping farmers amid trade war
- Did Egyptian zoo paint donkeys to make them look like Zebras?
- Donald Trump denies all, attacking Mueller and Cohen over Russian Federation probe
- Liverpool and Man United level at the break as Mané converts penalty