Facebook just had the biggest wipeout in stock market history


Facebook just had the biggest wipeout in stock market history.

Shares plunged 19% on Thursday after executives warned that revenue growth would slow as the company focuses on user privacy.

The sell-off vaporized about $119 billion in market value — the biggest single-day loss for any public company in history, according to Thomson Reuters.


It would seem investors think privacy works against Facebook. I agree. More privacy means less money for Facebook. Users should consider that.


Facebook built it’s business on sharing information. Facebook itself has before acknowledged that without their ability to share they can’t have the business model that they do. I don’t think that a privacy-first model would have allowed them to exists (which may be a good thing to some).

That said, Facebook was of help to me (actually someone else) today. A non-USA citizen with authorization to work here lost a bag to theft. Walking from my hotel to a breakfast spot I found his USA issued ID and authorization to be here for work which had been in the bag. Looking through several social media sites I was eventually able to find him under a slightly different name in Facebook and managed to get this ID on it’s way back to him. His settings were more private on some other sites and I had no way to contact him through them. But thanks to one of his friends that had once tweeted about him I was able to find the name under which he had his Facebook account. I don’t know the ramifications about not having the item returned, but he expressed a lot of anxiety over not having it anymore.


The problem over the privacy issue is most users of Facebook don’t want that much “openness”. Also, most have never read the terms and conditions and would be shocked to find out what has been happening with their information.

The type of sharing that Facebook does in U.S. is illegal in Europe.

So, good for the people; bad for Facebook lawyers.


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