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Matt Levine

Facebook Had an Impressively Bad Day

Also Amazon asset management, darts, Fannie and Freddie and blockchain babies.

Congrats Facebook?

It’s not every day that you see “ the largest ever loss of value in one day for a U.S.-traded company,” but if yesterday’s post-close trading reflects today’s closing price, then Facebook Inc., which lost as much as $151 billion of market capitalization at one point after the close yesterday after announcing disappointing growth numbers and guidance, will claim that record. (As of 10 a.m. today the stock was down about 19 percent, about a $120 billion drop in market cap, well on target for the record.) The current holder is Intel Corp., which “lost about $91 billion on one September day in 2000.” There at least there was a tech bubble bursting all around them. Here, “before the results were announced, Facebook’s shares had closed in New York at $217.50, a record high, and had gained 23 percent this year.”