Facebook Just Made Stock Market History, And Not In A Good Way

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Facebook Inc.’s collapse in market value on Thursday has officially made stock market history for the worst single-day loss for any company ever — and by a significant margin.

“The social media giant’s market capitalization plummeted by $119 billion to $510 billion as its stock price plummeted by 19 percent,” CNBC reports. “At Wednesday’s close, Facebook’s market cap had totaled nearly $630 billion, according to FactSet.”

CNBC notes that no company has ever lost $100 billion in value in a single day. The closest any company has come to that mark is Intel, which once lost $90.7 billion when the dot-com bubble burst. The next worst day was suffered by Microsoft, which lost $80 billion. Fourth on the list of single-day losses is Apple, which suffered a $59.6 billion hit; fifth and sixth are Exxon Mobil ($52.5 billion) and General Electric ($46.9 billion) – READ MORE

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New York attorney general candidate Zephyr Teachout says it’s time to “explore breaking up” Facebook and Google under state and federal antitrust laws if she is elected.

Teachout, a Democrat, told a crowd outside the Manhattan office of the New York Daily News – the day after the paper fired half of its staff, that tech companies are to blame for dominating the advertising space, “drawing revenue from newspapers and publishers,” reports the Washington Post.

“As attorney general,” said Teachout, “I would work with my colleagues in other states to launch a major antitrust investigation to look into the ways in which Facebook and Google are wielding and may be abusing their duopoly powers.”

The Attorney General hopeful’s campaign pledge comes amid a national debate about competition and monopoly, as many – including President Trump, have set their sights on tech giants for unfair practices. – READ MORE

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