Mark Gongloff, Columnist

Facebook Is Now $120 Billion Smaller

The social network’s problems caught up with it all at once.

July 26, 2018 at 8:49 PM UTC

Mark Gongloff is a Bloomberg Opinion editor and columnist covering climate change. He previously worked for Fortune.com, the Huffington Post and the Wall Street Journal.

Feeling small.
Photographer: Justin Sullivan/Getty Images North America

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People have complained for a while now that Facebook Inc. is too big. Well, good news: It just got 20 percent less big in a hurry.

Facebook’s market valuation collapsed by about $120 billion today – roughly the equivalent of a General Electric Co. or a 3M Co. – personally costing Mark Zuckerberg $15 billion in just the first few minutes of trading. He will now be forced to carry on with just $71 billion. Thoughts and prayers.