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Facebook's share price plunges as markets open, losing more than $120bn off its market value

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Trisha Lewis
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Facebook has opened in US markets at a loss of almost 20 per cent, wiping roughly $123bn (£93.8bn) off its market valuation.

As a comparison, Facebook's loss is more than seven times the valuation of Snap ($17bn), and almost four times the valuation of Twitter ($33bn).

It is roughly equivalent to the total GDP of Kuwait, which was $120.3bn in 2017.

Discussed in an earnings call late last night, Facebook experienced zero growth in user numbers across North America, and actually lost users in Europe by about 1m.

In after-hours trading, its share price fell as low as 24 per cent.

The social media giant revealed in its second quarter results that its monthly active user numbers across all of its platforms had grown to 2.23bn at an increase of just 11 per cent, falling short of consensus estimates of 2.25bn as polled by Thomson Reuters.

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Trisha Lewis
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