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FACEBOOK LOSES $230 BILLION IN A DAY AS STOCK MARKET DROP FOR THE FIRST TIME EVER

 Social media giant Facebook is reported to have suffered a major dropped on Stock Market worth $230 billion, a biggest single-day loss in history. Shares of Facebook were down more than 26% Thursday when the  market closed, and reported a fall on its active daily users worldwide. The company's market cap had been $898.5 billion early Thursday.



Zukerberg, the world's seventh wealthiest person on Wednesday with a net worth of $113.1 billion also dropped off Forbes' top 10 list of billionaires as his net worth plunged to $83.4 billion.



Facebook's stock closed the day at $237.76 per share.




Facebook said Apple changes that made it harder for apps to track iPhone users would cost about $10 billion in advertising revenue this year.



The drop in market value also surpassed the record that Apple set in September 2020. The iPhone-maker lost about $182 billion on September 3 of that year, according to Wall Street as quoted on Dow Jones Market data.



Zuckerberg said that competition from other social media platforms such as video-sharing app TikTok is "having an impact on our business."

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