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Facebook to spend $10M for Zuckerberg's private jet and security

Facebook to spend $10M for Zuckerberg's private jet and security

Kacouris accuses Facebook and its two top-managers of making misleading statements or failing to disclose slowing revenue growth, falling operating margins and declines in active users.

According to the complainant, the marketplace was "shocked" when "the truth" began to emerge on Wednesday from the Menlo Park, California-based company.

Facebook founder and CEO Mark Zuckerberg lost United States dollars $15.7 billion today as Facebook stocks plummeted by 19%, reports CNN. The company was worth over 630 billion dollars the previous day.

Facebook's legal storm seems endless, considering it has already faced dozens of lawsuits following its mishandling of user data.

Facebook's stock plunge is deemed the biggest single-day loss in terms of individual stock in history.

Facebook's shares fell 20 per cent on Thursday and $150 billion was wiped off its market value but it remains the dominant social media player.

Mr Buffett now ranks third among the world's billionaires, while Mr Zuckerberg is sixth.

Slowing revenue growth initially pulled the stock down almost 9 in after-hours trading on Wednesday before losses picked up on the margin outlook.

Indeed, the shocking decline in the values has, for the first time, triggered off discontent among Facebook stockholders, some of who are wondering whether it's time for a change in leadership at the company.

Currently, its stocks are at US$174.89 down 0.78 per cent.

Economists and investors cautioned against putting too much weight on the growth, which matched expectations, as the trade-related boost is expected to unwind later this year. Scott Kessler, a representative from CFRA Research commented on the issue: "Legal/regulatory developments have led to changes meant to support FB's platform and users, but they will notably restrain growth and profits for at least the next couple of quarters, in our opinion".

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