Facebook's day of reckoning: Blip or sign of broader turn?

Facebook Debuts As Public Company With Initial Public Offering On NASDAQ Exchange

The $16.8 billion loss of Facebook CEO, Mark Elliot Zuckerberg in one day is nearly the total funds the Nigerian government spent in 2017 fiscal year.

Facebook shares were down as much as 19.6 percent at $174.78 in early trading, a decline that would wipe about $124 billion off the company's value - or almost four times the entire market capitalization of Twitter Inc.

The lawsuit is designed for class-action status and seeks unspecified damages.

Trump Again Threatens Government Shutdown Over Border Wall
Trump has returned his focus to the immigration issue in recent days as the Russian Federation investigation heats up around him. But he also said "the government is at fault for losing several hundred parents in the process and that's where we go next".

Shareholders often sue companies in the U.S. after unexpected stock price declines, especially if the loss of wealth is large.

Facebook founder, chairman and CEO Mark Zuckerberg, who has started feeling the pressure with lawsuits being filed against him, is also being asked to quit the top post by shareholders.

Late Wednesday, Facebook warned that its revenue growth will slow down significantly for at least the remainder of the year and that expenses will continue to skyrocket. Now, it is investing heavily on fixing those problems.

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Daily Wire believes the cause of the losses lie at the feet of the data leak scandals Facebook has gone through recently, in particular Cambridge Analytica.

The $15.8 billion in net worth that Zuckerberg stands to lose in the move is equal to the wealth of the world's 81st-richest person, now Japanese businessman Takemitsu Takizaki, according to Forbes real time data. The complaint also aimed at the company's failure to report falling operating margins and the significant decline in active users. Technology companies account for six of the 10 biggest companies in the S&P 500 Index. He said the 19 percent plunge in Facebook shares the next day stemmed from federal securities law violations by the defendants.

Facebook shares fell as much as 23 percent in after-hours trading when Facebook reported its second-quarter earnings.

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Mr Cohen's lawyer, Lanny Davis , cautioned against believing everything that a lawyer says in the heat of a legal battle. Daniels, whose real name is Stephanie Clifford, was arrested along with two other women.

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