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

Facebook had the largest-ever loss of value in one day for a US traded company

Facebook chief executive Mark Zuckerberg's fortune took a more than $15 billion (£11.44 billion) hit on Thursday, as the social media company suffered the biggest one-day wipeout in U.S. stock market history a day after executives forecast years of lower profit margins.

Facebook shares were down as much as 19.6 percent at $174.78 in early trading, a decline that would wipe about $124 billion off the company's value - or almost four times the entire market capitalization of Twitter Inc.

So far, three class-action suits have been filed by shareholders claiming that Facebook made false and misleading statements to investors including lack of disclosure around monetization associated with Instagram Stories. A Facebook spokesman declined to comment.

Late Wednesday, Facebook warned that its revenue growth will slow down significantly for at least the remainder of the year and that expenses will continue to skyrocket.

Both the slower growth forecast and heavier spending reflect problems largely of Facebook's own making.

Spectacular goal highlights Liverpool’s win over Manchester United
Shaqiri was introduced as a second-half substitute as the Reds completed their International Champions Cup schedule in Ann Arbor. I can't see in the moment the need, but there are 12 days to go and a lot of things can happen.

The social media giant Facebook filed a report with SEC on Thursday that revealed Facebook's CEO Mark Zuckerberg's security allowance.

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

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

The $15.8 billion in net worth that Zuckerberg stands to lose in the move is equal to the wealth of the world's 81st-richest person, now Japanese businessman Takemitsu Takizaki, according to Forbes real time data. Last week had not been good for one of the most popular social media company, Facebook as it released biggest drop in its share prices in one single session.

Facebook stocks tanked 25 per cent in a matter of two hours on account of disappointing second quarter financial results and subsequent earnings call.

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