Facebook Experiences Record-Breaking Stock Plunge

Social media giant Facebook set a new world record on Thursday, but it’s not one you’re likely to hear Mark Zuckerberg touting in shareholder meetings anytime soon.

After the company forecasted slowed growth as it recalibrates to “put privacy first,” its stock price plummeted by 19 percent, CNN Tech reports.

That’s roughly $119 billion in market value, making the drop the largest single-day decline for any public company in history. Facebook’s previous worst single-day stock performance occurred on July 27, 2012, when fears over the company’s ability to sell mobile advertising sunk stock by 11.7 percent.

The hit may be an indication of how the Cambridge Analytica scandal could affect Facebook in the long-term. 

CNN Tech is updating the story as it unfolds.