Facebook Chief Executive Officer Mark Zuckerberg ’ s fortune took an almost $ 15 bn hit on Thursday , as the social media giant headed for the biggest one -day wipe- out in the United States stock market history , a day after executives forecast years of lower profit margins .At least 16 brokerages cut their price targets on Facebook after Chief Financial Officer , David Wehner , startled an otherwise routine call with analysts by saying the company faced a multi – year squeeze on its business margins , Reuters reported .
That “bombshell ”, as one analyst termed it , played into concerns on Wall Street that Facebook ’ s model could be under threat after a year that has been dominated by efforts to head off concerns over privacy and its role in global news flow .
Shares fell as much as 19 . 6 per cent to $ 174 . 78 , a decline that if sustained would wipe about $ 124 bn off the company ’ s value – or nearly four times the entire market capitalisation of Twitter Inc .
Dismal revenue , which initially pulled the stock down nearly nine per cent on Wednesday , clearly was not the end for wounded investors .
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