How Facebook’s $124 Billion Rout Could Rewrite History Books
- Facebook lost as much as $124 billion in market cap today
- Loss greater than previous one-day plunges at Intel, Apple
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Facebook Inc. has racked up plenty of milestones in its pioneering journey. Now the social-media giant has added another one that it would have rather avoided: the biggest stock-market wipeout in American history.
Shares tumbled as much as 20 percent in New York on Thursday as sales and user growth disappointed investors. This translates to a $124 billion decline in market capitalization, which is the largest ever loss of value in one day for a U.S. traded company.