on Facebook maybe about to take a very hard fall The Tech Giant and one of the world’s richest companies could be hit with the worst single-day Market wipeouts ever Scott Peterson is following this story for a so Scott really interesting what is actually going on here after hours last night so we’re seeing a precipitous decline in the stock this morning down over 20% Which means if that holds up for the 9:30 opening we could see a loss of about 120 bill dollars in the stock price of Facebook and that would be a record to put that into context take a look at this graph here on the left there that is the Facebook potential decline of up to a hundred and twenty or even a hundred fifty billion dollars and the next just to the right of it until back in the dark days of 2001 in the.com bust dropped only 91 Billy and we got Microsoft Apple and Exxon rounding it off a fraction of what we could see this morning so this is a big potential record drop for any single us talk ever in the history of the stock market hard to believe at so why are investors clean a lot of it has to do with the industry is changing in Facebook and Amazon Netflix Google all have so much personal information on all of us that security cost of becoming a real factor that they haven’t accounted for before they spent 7 billion dollars this is Facebook just in the last quarter alone that’s a 50% from the month before or the quarter before and when you look at Cambridge analytica when you look at the the Russian hacking 2016 elections we look at privacy concerns the industry’s waking up government’s waking up Mark Zuckerberg have to testify before Congress the EU is come out with restrictions and so it’s is in this instance Facebook is spending this much more money and security concern before they get restricted by government before they get potential fines and so there’s a new reality wake me up this morning that how much information personal information on all of us at these big companies have and Facebook is changing gears very rapidlyFacebook falls, losing more than $100B in share value. The reason could be growing public concern over privacy and security.
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