Facebook Sets Woeful Wall Street Record With $120 Billion Market Cap Hit

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Facebook just had an infamously bad day on Wall Street.

The social network closed down 19 percent on the day, shaving $120 billion off its market cap in the process — making it the biggest single-day hit in stock market history.

The nosedive replaces Intel’s $91 billion drop back in 2000 as the worst single-day performance.

Facebook is now worth about $504 billion, after its underwhelming second quarter earnings sent investors running for the hills.

The drop was especially painful for co-founder and CEO Mark Zuckerberg, the company’s biggest shareholder. Zuckerberg had upwards of $15 billion erased from his net worth on Thursday — on paper, at least.

More to come…

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